Shortages are associated with price _______; surpluses are associated with price _______.
A. floors; ceilings
B. ceilings; floors
C. equilibrium; equilibrium
D. None of these choices are correct.
B. ceilings; floors
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An employer discriminating against Asian workers is an example of:
A) special interest group discrimination. B) cultural discrimination. C) statistical discrimination. D) taste-based discrimination.
Everything else held constant, when output is ________ the natural rate level, wages will begin to ________, decreasing short-run aggregate supply
A) above; fall B) above; rise C) below; fall D) below; rise
The profit-maximizing employment level for a monopsonist occurs where:
a. wage = MFC. b. wage = MRP. c. price = wage. d. wage = TWC. e. MRP = MFC
Which of the following conditions define a perfectly competitive market?
a. The transaction costs are very high. b. Information is available to participants at a high cost. c. The product is homogenous. d. There are limited number of buyers and sellers.