________ market is characterized by the fact that profit opportunities are eliminated almost instantaneously.
A. An efficient
B. A government-controlled
C. A command
D. An inefficient
Answer: A
You might also like to view...
How might a monopolistically competitive firm continually earn economic profit greater than zero?
What will be an ideal response?
Which of the following will cause an upward movement along the aggregate demand curve?
a. An increase in the price level of all goods and services b. A decrease in the price level of all goods and services c. A technological improvement in the country d. An increase in government spending
Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to:
A. grow less corn, but not change their production of soy beans. B. grow more corn, but not change their production of soy beans. C. switch away from growing soy beans and into growing corn. D. switch away from growing corn and into growing soy beans.
Which of the following best describes the "education premium"?
A. The added pay for getting a higher level of education B. The added cost of getting a higher level of education C. The added benefits for society as a whole from a person getting a higher level of education D. The increase in average wages, in inflation-adjusted dollars, over time