Question 7.7.   Markets in which firms sell their output of goods and services are called resource markets.        product markets.        command markets.        mixed markets.

In a perfectly competitive market, all producers sell    goods or services. Additionally, there are    buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price    .

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The area under the supply curve represents _____.     the fixed cost of producing the good or service     the variable cost of producing the good or service     the marginal value to the firm from producing the good or service     the total revenue earned by the firm from selling the good or service

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labeled): Pricel P Market T This is a standard supply and demand graph that represents what's happening in a specific market (the current market price and quantity are + U W Y > X N Q Market Supply Demand Quantity

Suppose a competitive market is comprised of firms that face identical cost curves. The firms experience an increase in demand that results in positive profits for the firms. Which of the following events are then most likely to occur? (i) New firms will enter the market. In the short run, price will rise; in the long run, price will rise further. In the long run, all firms will be producing at their efficient scale. a. (i), (ii) and (iii) b. (i) and (iii) only c. (i) and (ii) only d. (ii) and (iii) only

Good X is a perfectly competitive market. The equilibrium quantity is 22 million units of good X. Why is 22 million units closer to allocatively efficient than 25 million units?.

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Rules and laws are a large part of business. Who imposes regulations that require suppliers to follow and enforce certain guidelines?         consumers         the government         producers         technology firms