In a perfectly competitive labor market, the market labor supply curve
a. will be horizontal
b. will be vertical
c. will be upward sloping
d. will be downward sloping
e. could be downward sloping if firms produce inferior goods
C
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The International Monetary Fund was created to achieve each of the following goals EXCEPT
A) lend funds to countries with international payment problems. B) lend funds to large government infrastructure projects. C) monitor and offer advice on the exchange rate policies of member nations. D) encourage free convertibility of the currencies of member nations.
One of the most important determinants of a good's price elasticity of demand is
A) the profits of suppliers. B) the numbers of buyers in the market. C) the ease with which consumers can substitute other goods for that product. D) the cost of producing the good.
If the equilibrium price of natural gas is $4 per thousand cubic feet and a price ceiling is imposed at $3 per thousand cubic feet, the result will be:
a. a surplus of natural gas. b. a shortage of natural gas. c. an accumulation of inventories of unsold gas. d. None of these.
Greater economic efficiency often leads to greater economic inequality
a. True b. False Indicate whether the statement is true or false