In a purely competitive market, a company views its demand curve as
A. vertical.
B. convex.
C. horizontal (flat).
D. completely price insensitive.
Answer: C
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Keynesians believe ________
A) that economies move quickly to their long run equilibrium levels B) that the government should pursue active policies to stabilize economic fluctuations C) that the long run is more important than short-run fluctuations D) all of the above E) none of the above
An individual labor-supply curve represents:
A. a worker's decisions around how many hours to work at each alternative wage. B. a firm's decisions around how many hours to hire at each alternative wage. C. the decisions of all firms around how many hours to work at each alternative wage. D. the decisions of all workers around how many hours to work at each alternative wage.
Which of the following is an argument in support of market power?
A.) Marginal cost pricing. B.) Economies of scale. C.) Price fixing. D.) Predatory pricing.
Explain whether and why you would expect each of the following groups (a. through g.) to gain or lose from trade with standard or perfect competition, monopolistic competition, and external scale economies.a. A country that exports the productb. Producers in a country that exports the productc. Consumers in a country that exports the productd. A country that imports the producte. Import-competing producersf. Consumers in a country that imports the productg. The world as a whole
What will be an ideal response?