Author Question: Perfectly competitive markets are characterized by: a. rivalry in product design. b. competition in ... (Read 50 times)

mwit1967 · **on:** Jun 30, 2018

Perfectly competitive markets are characterized by:
a. rivalry in product design.
b. competition in terms of product quality.
c. attempts by sellers to outdo one another with good service.
d. none of the above.

Question 2

An imposition of tax by the government for funding welfare programs raises the cost of labor to firms as:
a. the demand for labor increases.
b. the demand for labor decreases.
c. the supply of labor decreases.
d. the supply of labor increases.
e. the opportunity cost of leisure increases.