Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If perfect competition existed everywhere, along with frictionless exchange, perfect information, and constant returns to scale, Question 6 options: A) consumers would carry out transactions
If perfect competition existed everywhere, along with frictionless exchange, perfect information, and constant returns to scale, Question 6 options: A) consumers would carry out transactions directly with resource suppliers B) entrepreneurs would be needed to collect information C) consumers would produce output and then engage in barter D) firms would not have the information necessary to calculate marginal productivities of resources E) the economy would be organized into one large firm
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started