The assumption of large numbers in economics:
A) allows perfect competition to exist.
B) indicates the magnitude of government budget items.
C) eliminates opportunities for price manipulation.
D) refers to the number of consumers needed for a successful product.
Correct Answer:
Verified
Q11: There are 100 identical demanders of product
Q12: A profit maximizing firm:
A)also minimizes marginal costs.
B)behaves
Q13: Since a perfectly competitive firm is assumed
Q14: Producer Surplus is:
A)the difference between value and
Q15: The aggregate gains from trade in a
Q17: . Suppose the market demand for fish
Q18: All of the following assumptions apply to
Q19: In most markets, prices are determined when
Q20: In the long run equilibrium:
A)price is equal
Q21: A price taking firm that has TC
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents