Which of the following is true about the firms and consumers depicted in the model of perfect competition (Note This question is not about what is true, but what is true in the model of perfect competition ) In this model Group of answer choices a High capital costs prevent firms from entering the market b Products are often differentiated by the level of service c Consumers are assumed to know all prices d All of the above are correct e Both a and b are correct f Both a and c are correct g Both b and c are correct h None of the above is correct Which of the following statements about unit labor costs (ulc) are true Group of answer choices a Unit labor costs are defined as output wages b If the firm decreases wages by 10 percent and work effort decreases by more than 10 percent, then ulc will fall c If the firm adopts new machinery that makes the firm more productive and the wage rates remain unchanged, then ulc will fall d All of the above are correct e Both a and b are correct f Both a and c are correct g Both b and c are correct h None of the above is correct Which of the following statements is true Group of answer choices a The MC curve cut through the minimum of the ATC curve b The MC curve cut through the minimum of the AFC curve c As output increases, the AVC curve gets closer and closer to the ATC curve d All of the above are correct e Both a and b are correct f Both a and c are correct g Both b and c are correct h None of the above is correct 8 Uncle Buck has just opened the They Ought to Name a Drink After You saloon While there are other drinking establishments in town and the cost of entry is low, Uncle Buck has some unique features like the Ann Landers Room for the newly dispossessed lovers, and the Kick Up Your Heels Dance Hall for the young and hopeful To everyone's surprise Uncle Buck is highly profitable in his first year ofbusiness Which of the following statements is true Group of answer choices a The Ann Landers Room and the Kick Up Your Heels Dance Hall operate as barriers to entry b Because the cost of entry is low Uncle Buck's profits will decline in the future c Both a and b are correct d Both a and b are incorrect

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Which of the following is true about the firms and consumers depicted in the model of perfect competition? (Note: This question is not about what

Which of the following is true about the firms and consumers depicted in the model of perfect competition? (Note: This question is not about what is true, but what is true in the model of perfect competition.) In this model:

Group of answer choices

a. High capital costs prevent firms from entering the market.

b. Products are often differentiated by the level of service.

c. Consumers are assumed to know all prices.

d. All of the above are correct.

e. Both a and b are correct.

f. Both a and c are correct.

g. Both b and c are correct.

h. None of the above is correct.

Which of the following statements about unit labor costs (ulc) are true?

Group of answer choices

a. Unit labor costs are defined as output/wages.

b. If the firm decreases wages by 10 percent and work effort decreases by more than 10 percent, then ulc will fall.

c. If the firm adopts new machinery that makes the firm more productive and the wage rates remain unchanged, then ulc will fall.

d. All of the above are correct.

e. Both a and b are correct.

f. Both a and c are correct.

g. Both b and c are correct.

h. None of the above is correct.

Which of the following statements is true?

Group of answer choices

a. The MC curve cut through the minimum of the ATC curve.

b. The MC curve cut through the minimum of the AFC curve.

c. As output increases, the AVC curve gets closer and closer to the ATC curve.

d. All of the above are correct.

e. Both a and b are correct.

f. Both a and c are correct.

g. Both b and c are correct.

h. None of the above is correct.

8.Uncle Buck has just opened theThey Ought to Name a Drink After Yousaloon. While there are other drinking establishments in town and the cost of entry is low, Uncle Buck has some unique features like the "Ann Landers Room" for the newly dispossessed lovers, and the "Kick Up Your Heels Dance Hall" for the young and hopeful.To everyone's surprise Uncle Buck is highly profitable in his first year ofbusiness.Which of the following statements is true?

Group of answer choices

a. The Ann Landers Room and the Kick Up Your Heels Dance Hall operate as barriers to entry.

b. Because the cost of entry is low Uncle Buck's profits will decline in the future.

c. Both a and b are correct.

d. Both a and b are incorrect