Entry barriers mean a true monopoly ______.
a. has many firms
b. has only one firm
c. welcomes many firms
d. requires varied products
b. has only one firm
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Alice has $10 to spend on wine and cheese. If wine is $2.50 a glass and cheese $2, draw the corresponding budget line. Then draw three indifference curves, one showing the amount of wine and cheese Alice would choose, one showing less preferred combinations of wine and cheese, and the last showing preferred but unaffordable combinations. ?
What will be an ideal response?
A minimum wage is the:
A. lowest wage that a firm is legally allowed to pay its workers. B. highest wage that a firm is legally obligated to pay its non-skilled labor. C. wage every high school dropout will earn if they are employed. D. prevailing wage for low-income workers in a nation.
If people expect prices to fall in the future,
A. their consumption function in the present will shift downward. B. their consumption function in the present will shift upward. C. they will decrease their current levels of consumption by moving down along their consumption functions. D. they will increase their current levels of consumption by moving up along their consumption functions.
Describe the difficult choices in macroeconomic policy that Argentina faced in the late 1990s
What will be an ideal response?