Answer:
Some sellers can set prices
Explanation:
Characteristics of competitive firms:
1. All sellers are price takers. No seller can influence market price.
2. All buyers are price takers
3. Forces of demand and supply determine market price.
4. All products are homogenous
5. There are no barriers to entry or exist of firms
6. There is perfect information
Answer:
Option B, lower interest rates and increase the equilibrium GDP.
Explanation:
Option B is correct because the increase in the money supply will reduce the interest rate and increase the real GDP or output on the country because the rise in the money supply will results in more money in the hand of people. Therefore, more investment and production will be done in the economy. Thus, a rise in the production of output in the economy will result in the rise of GDP
Answer:
Option 1 - the opportunity cost of leisure decreases as wages decrease.
Explanation:
The labour supply curve of any occupation will always be upward sloping because when wages, (the opportunity cost of leisure) rises, the more hours of leisure a staff will relinquish to do more work.
The opposite of this is true as seen in option 1 of the question.
Opportunity costs will reduce with a consequent reduction in average wages. When fewer people want to retain their employment due to decrease in wage rates, it would lead to a fall in demand for leisure.
The least likely to receive tax dollars is Liberty Baptist University because of its religious beliefs.
