Which of the following products is most likely to be sold in a monopolistically competitive market?
A) fast food
B) coal
C) wheat
D) electricity
A
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Craft unions exert market control by
A) limiting the demand for labor. B) limiting the supply of labor. C) setting minimum wages. D) setting maximum wages.
A rational consumer should not consume more of a good when:
a. total utility is decreasing. b. marginal utility is diminishing. c. both a and b. d. income is decreasing. e. the price is high.
Refer to the graph below. At equilibrium, the minimum acceptable revenue that sellers would have been willing to receive is represented by the area:
The equilibrium point in the market is where S and D curve intersect.
A. b
B. b + c
C. a + b
D. c
A U.S. tariff on steel would reduce imports and lower the price of U.S. steel products.
Answer the following statement true (T) or false (F)