Which of the following is not a characteristic of a perfectly competitive market?
a. Different sellers sell identical products.
b. There are many sellers.
c. Sellers must accept the price the market determines.
d. All of the above are characteristics of a perfectly competitive market.
d
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Union membership rates in the U.S. are
a. highest among government employees b. highest among industrial sector employees c. highest among service sector employees d. increasing at a faster rate than the labor force e. highest among women
The classical economists argued that
A. a market economy will not experience unemployment. B. if unemployment occurs it will cure itself because prices, wages, and interest rates will fall. C. aggregate demand may not be large enough to take the entire supply of goods and services off the market. D. if inflation occurs it will cure itself because prices, wages, and interest rates will rise.