Assignment 7 - JumptoNavigationFrame

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Jump to Navigation Frame   Your location: Assessments  ›  View All Submissions  › View Attempt  View Attempt 1 of unlimited  Title: Assignment 7 DUE NOV 6 Started: November 6, 2009 2:58 AM Submitted: November 6, 2009 3:32 AM Time spent: 00:33:40  Total score: 20/20 = 100%   Total score adjusted by 0.0  Maximum possible score: 20  1.   Which of the following is  not  an assumption of the theory of perfect  competition?    Student  Response Value Correct  Answer Feedback 1.  There is easy  entry and exit.      2.  There are many  sellers and  many buyers,  none of which  is large in  relation to total  sales or  purchases.      3.  Buyers and  sellers have all  relevant  information with  respect to  prices, product  quality, and  sources of  supply.      4.  Each firm  produces and  sells a  differentiated  product. 100%       Score: 1/1  Comments:  
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2.   A "price taker" is a firm that    Student  Response Value Correct  Answer Feedback 1.  does not have  the ability to  control the  price of the  product it sells. 100%       2.  does have the  ability, although  limited, to  control the  price of the  product it sells.      3.  can raise the  price of the  product it sells  and still sell  some units of  its product.      4.  sells a  differentiated  product.      5.  none of the  above      Score: 1/1  Comments:   3.   The demand curve for a perfectly competitive  firm     Student  Response Value Correct  Answer Feedback 1.  is perfectly  vertical.      2.  is upward      
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Student  Response Value Correct  Answer Feedback sloping. 3.  may be  downward or  upward  sloping,  depending  upon the  type of  product  offered for  sale.      4.  is downward  sloping.      5.  is perfectly  horizontal. 100%       Score: 1/1  Comments:   4.   The market demand curve in a perfectly competitive  market   Student  Response Value Correct  Answer Feedback 1.  perfectly  vertical.      2.  downward  sloping. 100%       3.  downward or  upward  sloping  depending  upon the  type of  product  offered for  sale.   
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This note was uploaded on 12/11/2011 for the course ECON 1B03 taught by Professor Hannahholmes during the Spring '08 term at McMaster University.

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Assignment 7 - JumptoNavigationFrame

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