Sellers in a perfectly competitive market are powerless to affect the market price of their product.
Answer the following statement true (T) or false (F)
True
A perfectly competitive firm is very small relative to the size of the market, so it does not have any market power.
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Figure 10-1
If the price level in Figure 10-1 were 100,
a.
firms would have to lower their prices.
b.
inventories would be accumulating.
c.
shortages of goods would exist.
d.
aggregate quantity demanded would exceed aggregate quantity supplied.
e.
both c and d would occur.
Typical goals of a labor union in the United States include
A. Higher profit, higher output, and greater productivity. B. Higher wages, better working conditions, and more nonwage compensation. C. More benefits, higher pay, and less control over market labor supply. D. More vacation time, higher profit, and more flexible workplace rules.