Which of the following is a difference between an oligopoly model with homogeneous products and a monopoly?
A) Firms in an oligopoly with homogeneous products earn positive economic profits in the long run, while a monopoly earns zero economic profits in the long run.
B) Firms in an oligopoly with homogeneous products face stiff competition from its rivals, while there is no competition in a monopoly.
C) There are huge barriers to entry in an oligopoly with identical products, while there are no barriers to entry in a monopoly.
D) Firms in an oligopoly with identical products charge a price higher than marginal cost in the long run, while a monopoly charges a price lower than marginal cost in the long run.
B
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Dividing the number of people unemployed by the civilian labor force gives us
A) the employment rate. B) the unemployment rate. C) the labor force participation rate. D) none of the above.
The table shows the demand and supply schedules for student workers at on-campus venues. If the college introduces a strictly enforced minimum wage of $11.50 an hour,
who gains and who loses from the minimum wage, and is the campus labor market efficient or fair?
If there's an increase in the future marginal product of capital in a large open economy, it causes the current account to ________ and saving to ________
A) fall; rise B) rise; remain unchanged C) fall; remain unchanged D) rise; rise
The Bretton Woods system
a. fixed exchange rates in terms of U.S. dollars b. fixed exchange rates in terms of all major currencies c. fixed exchange rates in terms of gold d. established a system of flexible exchange rates e. established the European monetary system