Which of the following would be consistent with the notion of a competitive market process, but would be inconsistent with the notion of perfect competition?
A) Cost-plus-markup pricing
B) Freedom of entry
C) Price taking behavior
D) Large numbers of buyers and sellers
E) All of the above.
A
Economics
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Restricting access to endangered common resources assigns
A) permanent property rights to those people given permission to use the resource. B) temporary property rights to those people given permission to use the resource. C) property rights to no one since access has been restricted to only a select few. D) property rights to society in general since the resource is a common resource.
Economics
A globe is a model. However, it lacks much of the detail that one would find on a map. Does that make the globe an inferior model? Why not?
What will be an ideal response?
Economics