When a perfectly competitive industry is in long-run equilibrium, firms maximize profits, and entry forces the price down
A. until all firms with losses leave the industry.
B. until each firm can earn acceptable level of economic profit.
C. until price becomes tangent to the long-run average cost curve.
D. until the long-run average cost curve rises above the demand curve.
Answer: C
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In 2008, the nominal minimum wage rate was $7.25 an hour and the CPI was 200. The real minimum wage rate in 2008 was
A) $3.63 an hour. B) $14.50 an hour. C) $1450 an hour. D) $26.32 an hour. E) $7.25 an hour.
In 1935, the U.S. Patent and Trademark Office issued Parker Brothers a trademark on the
use of the name Monopoly for a board game. Hasbro bought Parker Brothers in 1991. Which of the following statements is true regarding the trademark on the name Monopoly for a board game? A) The trademark expired in 1955, 20 years after the trademark was issued to Parker Brothers. B) The original trademark expired well before Hasbro bought Parker Brothers, so they never had a trademark on Monopoly. C) Trademarks never expire, so Hasbro continues to have a trademark on the name Monopoly. D) The trademark expired in 2011, 20 years after Hasbro's purchase of Parker Brothers.
Early forms of colonial money included
a. wampum. b. tobacco. c. furs and hides. d. musket balls. e. All of the above.
The effect of unions tends to ____ output in the union sector and ____ output in the non-union sector
a. increase; increase. b. increase; decrease. c. decrease; increase. d. decrease; decrease.