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NEW QUESTION: 1
When markets are perfectly competitive, consumers:
A. Have goods and services produced at the lowest cost in the long run.
B. Must search for the lowest price for the products they buy.
C. Must choose the brands they buy solely on the basis of informational advertising.
D. Do not receive any consumer surplus unless producers choose to overproduce.
Answer: A
Explanation:
Choice "a" is correct. Since price is barely sufficient to give a firm a normal profit and stay in business, the
consumer obtains the product at as low a price as is economically feasible. In addition, every firm is
forced to produce at the most efficient output rate. Choice "b" is incorrect. Brand differentiation is present
in monopolistic competition, not perfect competition. Choice "c" is incorrect. This is a far-out distractor.
Choice "d" is incorrect. Also far out. Individual consumers are also price takers at the market equilibrium
price.
NEW QUESTION: 2
Creditors must retain for 25 months after the date that an offer of credit is made (12 months for business applicants with gross revenues of $1 million or less) the following items EXCEPT:
A. Any record of complaints regarding the solicitation
B. The text of any prescreened solicitation
C. The list of criteria used to select recipients
D. All other written information concerning the applicant
Answer: D
NEW QUESTION: 3
Vessels constructed after December, 1987 are subject to the requirements of ________ of ASME Section VIII, Division 1.
A. UB-54
B. UG-31
C. UCS-66
D. UW-26
Answer: C
NEW QUESTION: 4
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
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