When an Economy Is Operating at the Steady State,we Know

question 14

Multiple Choice

When an economy is operating at the steady state,we know that

• A)steady state saving equals consumption.
• B)steady state saving is less than total consumption.
• C)steady state saving is equal to depreciation per worker.
• D)steady state saving exceeds depreciation each year by a constant amount.
• E) none of the above

---

Definitions:

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, freedom of entry and exit, and perfect information, leading to firms being price takers.

Characteristics

Distinctive qualities or attributes that help to define and distinguish a person, object, or phenomenon.

Market Structures

Differentiated classifications of markets based on the number of firms in the market, the nature of competition, and the degree of market power held by each.

Differentiated

The process or strategy of making a product appear distinct from similar products offered by competitors in the market.