Perfect competition implies that
A) there are many firms in the market.
B) all firms are price takers.
C) all firms are producing the same identical product.
D) All of the above answers are correct.
D
Economics
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The federal government ran a budget deficit of approximately ________ in fiscal year 2011
A) $14 trillion B) $800 billion C) $250 billion D) $1.3 trillion
Economics
An economy experiences a recessionary ga
A) falls, shifting the aggregate supply curve rightward. B) rises, shifting the aggregate supply curve leftward. C) rises, shifting the aggregate demand curve rightward. D) falls, shifting the aggregate demand curve leftward. E) falls, increasing potential GDP.
Economics