In which market structure(s) might firms produce an undifferentiated product?
a. perfect competition only
b. perfect competition and oligopoly
c. monopolistic competition only
d. perfect competition and monopolistic competition
e. monopoly only
B
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An increase in labor demand accompanied by a decline in labor supply cannot result in a decline in wages.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
a. The share of income going to labor has increased during periods when union membership has increased as a proportion of the U.S. labor force. b. Inflation in the United States has tended to accelerate as the proportion of the U.S. labor force that is unionized has increased. c. Higher wages in the unionized sectors of an economy will also push up wages in the nonunion sectors. d. High real wages cannot be achieved and sustained without increases in output per worker hour.
The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase. CPU GHzTotal BenefitMarginal BenefitTotal CostMarginal Costs2.0$1,000 $900 2.5$1,400 $1003.0 $300$1,200 3.5$1,900 $1,500 4.0$2,000 $400 The total benefit of a 3.0GHz computer is:
A. $900. B. $1,700. C. $1,650. D. $300.
Hard money:
A. includes cash. B. is the least narrow definition of money. C. is not very liquid. D. cannot always be used in transactions immediately, but is accessible.