Which of the following industries most closely approximates pure competition?
A. Agriculture.
B. Farm implements.
C. Clothing.
D. Steel.
Answer: A
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Both the perfectly competitive firm and the monopolistically competitive firm produce at the output where marginal revenue equals marginal cost (MR = MC) but only the perfectly competitive firm achieves allocative efficiency
Explain why this is the case.
An increase in the amount and time period for which unemployment compensation is paid will most likely
A) increase the structural rate of unemployment. B) leave the natural rate of unemployment unchanged. C) decrease the natural rate of unemployment. D) increase turnover unemployment.
In which of the following occupations would employees be organized into craft/trade unions:
A. Hotel employee B. Restaurant worker C. Salesperson D. Plumber
In general in the U.S., persons classified as poor have money income that amounts to
A. less than half the median income. B. three quarters of the median income. C. the median income. D. half the median income.