Which of the following is a defining characteristic of a perfectly competitive market?
A) advertisements by well-known celebrities
B) persistent economic profits in the long run
C) no restrictions on entry into the industry
D) higher prices being charged for certain name brands
C
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The developing countries have been catching up to the lower-income industrial countries in terms of economic growth
Indicate whether the statement is true or false
Suppose the Japanese yen increases in its value relative to the U.S. dollar. In the U.S. economy,
A) the price level will increase and real GDP will fall if the increase in aggregate demand is less than the decrease in aggregate supply. B) the price level will increase and real GDP will fall if the decrease in aggregate demand is more than the increase in aggregate supply. C) the price level will fall and real GDP will increase if the increase in aggregate supply is greater than the decrease in aggregate demand. D) the price level will fall and real GDP will decrease if the decrease in aggregate demand is less than the increase in aggregate supply.