Consumers do not have a strong preference for the output of one seller over that of another in a perfectly competitive market because:
A. there a large number of firms in the market.
B. the firms sell a standardized product.
C. there are no barriers to entry.
D. an individual firm has control over price.
Answer: B
Economics
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Faced with an adverse supply shock, if the central bank wants to stabilize output, it should
A. decrease the money supply. B. increase the money supply. C. decrease government spending. D. increase government spending.
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A profit-maximizing monopoly will never operate in the portion of the demand curve with MR equal to
A) 3. B) 2. C) 1. D) -1.
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