A perfectly competitive industry has
a. A perfectly elastic demand curve
b. A perfectly elastic supply curve
c. A downward sloping demand curve
d. A downward sloping supply curve
c
Economics
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Refer to the scenario above. How much should he pay for the painting if he thinks that there is a 70% chance that the painting he is buying is original?
A) $50,000 B) $35,000 C) $70,000 D) $15,000
Economics
The Sherman Antitrust Act:
A) prohibits conspiracies in restraint of trade. B) allows the formation of trusts so long as they are public enterprises. C) allows a group of firms to form a trust only if it is done to take advantage of economies of scale. D) prevents the military from using armored vehicles on the public streets.
Economics