A perfect monopoly:
A. can be a single seller or small group of firms.
B. can offer a product at the lowest cost possible.
C. controls 100 percent of the market for a product.
D. always engages in price discrimination.
C. controls 100 percent of the market for a product.
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If China decides to enact laws to clean up the environment, what would be the effect on GDP?
A) GDP would increase as the environmental costs of pollution were not included in the calculation of GDP. B) GDP would decrease if the pollution controls reduce productivity by more than the cost of the controls. C) GDP would increase as the citizens of China were made happier as the environment was cleaned up. D) GDP would increase reflecting the fact that the environment would be cleaner.
On the graph above, the wage level at point ________ might represent a binding minimum wage
A) 2 B) 4 C) 6 D) 5
Supply chain management refers to
A) the contracts put in place to manage a firm's suppliers. B) the decisions around which stages of production to handle internally and which to buy from others. C) how the firm compensates the employees who work on the firm's internal stages of production. D) the 19th century practice of having barges move downstream with the flow of the river.
A firm deciding how many hours to hire can be represented:
A. with an individual labor-supply curve. B. in the market labor-demand curve. C. with an individual labor-demand curve. D. in the market labor-supply curve.