China's initial economic reforms were in which sector?
A) Manufacturing
B) Infrastructure
C) Agriculture
D) Mining
C
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The key defining feature of oligopoly, in addition to firms' market power, is
a. collusion. b. free entry and exit. c. firms take rivals' actions into account. d. the Prisoner's Dilemma.
In poorer countries, free trade ________ the demand for labor in these countries and ________ the wages paid in these countries
A) decreases; lowers B) decreases; raises C) increases; lowers D) increases; raises
Most real world economies are mixed economies
a. True b. False Indicate whether the statement is true or false
If the supply of labor decreases, which of the following events will occur?
A. The wage rate will fall and firms will increase employment up until the point where MRP equals the new wage rate. B. The wage rate will fall and firms will decrease employment to the point where MRP equals the new wage rate. C. The wage rate will increase and firms will increase employment up until the point where MRP equals the new wage rate. D. The wage rate will increase and firms will decrease employment to the point where MRP equals the new wage rate.