Which of the following statements about a perfectly competitive market are TRUE?I.The perfectly competitive industry faces an upward sloping labor supply curve.II.The individual firm in a perfectly competitive industry faces a perfectly elastic labor supply curve.
A. I only
B. II only
C. both I and II
D. neither I nor II
Answer: C
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Empiricism refers to the process of:
A) making choices using values and beliefs. B) measuring variables. C) testing ideas using data. D) collecting and organizing data.
China has recently been experiencing rapid economic growth, and current Chinese real GDP per capita is
A) roughly equal to real GDP per capita in the United States. B) still significantly less than real GDP per capita in the United States. C) on par with real GDP per capita in most high-income countries. D) still at a level equivalent to real GDP per capita in the poorest countries in the world.
Suppose a consumer's nominal income is $50,000 and the cost-of-living index is 1.3. The consumer's real income is:
A. $50,000. B. $65,000. C. $57,500. D. $38,462
A monopolist faces a
a. horizontal demand curve. b. vertical demand curve. c. downward-sloping demand curve. d. U-shaped demand curve.