If Perfect Competition Existed Everywhere,along with Frictionless Exchange,perfect Information,and Constant

question 27

Multiple Choice

If perfect competition existed everywhere,along with frictionless exchange,perfect information,and constant returns to scale,______

• A)consumers would carry out transactions directly with resource suppliers.
• B)firms would not have the information necessary to calculate the marginal productivities of resources.
• C)entrepreneurs would be needed to collect information about prices.
• D)consumers would produce output and then engage in barter.
• E)the economy would be organized into one large firm.

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Definitions:

John Fries

The leader of Fries's Rebellion, a tax revolt among Pennsylvania Dutch farmers in the late 18th century.

Kentucky Resolution

An 1798 statement penned by Thomas Jefferson, arguing that the U.S. states have the right to nullify federal laws that those states consider unconstitutional.

States' Rights

The principle or belief that individual states have certain rights and political powers that are protected and reserved under the U.S. Constitution, sometimes used to defend states' positions against federal intervention.

Immigration Reform

Refers to changes in the policies and laws regulating who can enter and reside in a country, often aiming to address issues of legality, citizenship, and border security.