Perfect competition is a market structure in which there is:
a. a contest among firms to provide good service after the sale.
b. competition in product quality.
c. rivalry in product design.
d. none of these.
d
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A market economy depends on market mechanisms to: a. determine the most efficient way of using resources
b. determine how large the government's budget deficit should be. c. decide how much government regulation there should be. d. provide everyone with a minimum level of income.
Expansionary monetary policy refers to the ________ to increase real GDP
A) government's increasing spending and lowering taxes B) government's decreasing spending and raising taxes C) Federal Reserve's increasing the money supply and decreasing interest rates D) Federal Reserve's decreasing the money supply and increasing interest rates