Perfect competition is characterized by
A) many buyers and sellers.
B) a small number of firms.
C) differentiated products of firms in the industry.
D) high barriers to entry.
Answer: A
Economics
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The above figure shows the U.S. market for wheat. Without international trade, producer surplus is equal to ________
A) area B + area C + area E + area F B) area A C) area B + area C +area D + area E + area F D) area E + area F E) area A + area B + area C + area D
Economics
With illegal immigration the unskilled labor supply curve:
a. shifts to the left. b. becomes perfectly inelastic. c. becomes perfectly elastic. d. shifts to the right. e. becomes non-existent.
Economics