A firm that is a price taker can
a. substantially change the market price of its product by changing its level of production.
b. sell all of its output at the market price.
c. sell some of its output at a price higher than the market price.
d. decide what price to charge for its product.
B
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A net exports deficit or surplus equals
A) taxes minus savings plus public and private investment. B) the government sector balance plus the private sector balance. C) net lending by both the private and public sector plus savings minus investment. D) net worth plus the government sector balance minus the private sector balance.
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers increased from $8 to $11:
A. total producer surplus would increase to $17. B. total producer surplus would increase to $5. C. total producer surplus would decrease to $1. D. total producer surplus would decrease to $7.
Which statement is false?
A. The National Football League is a monopsony. B. The National Education Association is the largest union in the U.S. C. Unions have two basic ways of exerting power: inclusion and exclusion. D. The most important collective bargaining weapon of employers is the threat of a lockout.
During the course of the twentieth century, the average workweek in the United States has gotten shorter and Americans have enjoyed greater amounts of leisure time. How has this development affected potential GDP and labor productivity?
What will be an ideal response?