Author Question: Which of the following best illustrates perfect competition? a. Wheat farming. b. Orange growers ... (Read 61 times)

leo leo · **on:** Jun 30, 2018

Which of the following best illustrates perfect competition?
a. Wheat farming.
b. Orange growers setting quotas under the Sunkist cooperative.
c. General Motors advertising campaign for its cars.
d. All of these.

Question 2

In the long run, price elasticities of demand are usually ____.
a. less than they are in the short run because people can adjust
b. the same as they are in the short run because tastes don't change
c. greater than they are in the short run because prices rise over time
d. less than they are in the short run because real prices fall over time
e. greater than they are in the short run because consumers have time to adjust