Under Perfect Competition, Which of the Following Determine the Market

question 109

Multiple Choice

Under perfect competition, which of the following determine the market equilibrium?

• A) Price and marginal cost.
• B) Both demand and supply.
• C) Marginal cost and average revenue.
• D) Total cost and a number of suppliers.

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Definitions:

Slave Trade

The forced transportation and sale of African people to the Americas and other parts of the world, a central element of global economic history until the 19th century.

Consent of the Governed

A political concept that suggests government's legitimacy and moral right to use state power is only justified and lawful when consented to by the people or society over which that power is exercised.

Breaking with Britain

Breaking with Britain describes the process by which the thirteen American colonies severed their political connections and allegiances to Great Britain, eventually leading to the American Revolutionary War and the establishment of the United States.

Militia Training

The process of training non-professional soldiers, usually civilians, in military techniques, often for self-defense or local protection purposes.