The Great Depression lead many to question the economy’s ability to self-correct.
Answer the following statement true (T) or false (F)
True
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What is a natural monopoly and what problem does natural monopoly pose for regulators?
What will be an ideal response?
The "minimum efficient scale" of operation in an industry is defined as:
A) the smallest plant size that can be operated by firms in the industry. B) the scale of operation at which economies of scale are exhausted. C) the smallest number of firms that could effectively meet demand for an industry's output. D) the scale of operation by firms in an industry that is least efficient.
Refer to the following graphs.
Floods in the U.S. Midwest reduce the U.S. corn crop. Which graph depicts the effect of the floods on the U.S. corn market?
A. I B. II C. III D. IV
When the wage rate paid to labor is above equilibrium, the:
A. supply of labor increases. B. number of jobs available exceeds the number of workers seeking jobs. C. demand for labor decreases. D. number of workers seeking jobs exceeds the number of jobs available.