The argument in favor of regulation for natural monopolies, externalities, and cases of imperfect information is:
A. market failure.
B. overallocation of resources to production.
C. insufficient economic profits.
D. excessive entry of new firms.
Answer: A
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If robotics and factory automation become more widespread in an industry and all else is held constant
A. the demand for labor should decrease in that industry and the wage rate should increase. B. the demand for labor should increase in that industry and the wage rate should decrease. C. both the demand for labor in that industry and the wage rate should decrease. D. both the demand for labor in that industry and the wage rate should increase.
Explain how a market helps determine which goods and services will be produced, how to produce them, and who gets them
What will be an ideal response?
Long-run equilibrium for a monopolistic competitor is characterized by
A) a price exceeding marginal cost. B) marginal cost pricing. C) economic profits. D) too few firms in the industry.
Is the image of the typical American worker as a blue-collar worker true? Substantiate your answer with facts