Use the following statements to answer this question: I. Markets that have only a few sellers cannot be highly competitive.
II) Markets with many sellers are always perfectly competitive.

A) I and II are true.
B) I is true and II is false.
C) II is true and I is false.
D) I and II are false.

Household production consists of households producing goods and services,like meals,cleaning and child care,instead of firms.

If Abdula immediately hires someone who has just been introduced to him as a hardworking, caring, and generous individual, he has fallen into the _____________trap.

A) short-term thinking
B) groupthink
C) overconfidence
D) framing error
E) Asch effect

The net cash provided by (used in) operating activities last year was:

A) $98,000
B) $178,000
C) $156,000
D) $120,000

The operating cycle describes how a product:

A) Is priced.
B) Is sold.
C) Moves through the current asset accounts.
D) Moves through the production process.
E) Generates a profit.

Assuming that gasoline and cars are complements in consumption,if the price of gasoline rises,the producer surplus of auto manufacturers decreases.