Refer to the list. The outcome in a purely competitive labor market is shown by:
1. W < MRP; W < MRC
2. W = MRP; W < MRC
3. W = MRP; W = MRC
4. W > MRP; W > MRC
A. 1.
B. 2.
C. 3.
D. 4.
Answer: C
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When the cross price elasticity between good X and other related goods is positive and very low, firm X can be assumed to have:
A) minimal market power. B) moderate market power. C) a significant amount of market power. D) virtually no market power.
Monopolistically competitive markets and monopoly market have a common characteristic: high barriers to entry.
Answer the following statement true (T) or false (F)
An upward-sloping labor supply curve implies that
A. a firm can always hire more workers, even without increasing the wage. B. more workers are willing to work as the market wage increases. C. more workers are willing work when wages are low. D. the labor supply is fixed. E. there is a continuously increasing demand for labor.
Total U.S. health care spending in 2011 was approximately:
A. $847 billion. B. $1.1 trillion. C. $2.7 trillion. D. $4.1 trillion.