Which of the following describes a characteristic of a perfectly competitive market?
A) Equilibrium is achieved when demand for the product sold in the market equals the supply.
B) There are many buyers and sellers.
C) There are many sellers but few buyers.
D) There are many buyers but few sellers.
Question 2
Federal government expenditures, as a percentage of GDP,
A) rose from 1950 to 1991, fell from 1992 to 2001, and have risen from 2001 to the present.
B) rose from 1950 to 1980, fell from 1981 to 2001, and have risen from 2001 to the present.
C) have fallen since the early 1950s to the present.
D) rose from 1950 to 2001 and then fell from 2001 to the present.
E) have risen since the early 1950s to the present.
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