The labor supply curve facing a purely competitive employer is __________, whereas the labor supply curve facing a monopsonist is ___________
A. upsloping; horizontal
B. downsloping; vertical
C. vertical; upsloping
D. horizontal; upsloping
Answer: D
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The above figures show the market for HD televisions. If there are severe earthquakes that destroy a significant number of HD television manufacturing plants, which figure shows the effect of the earthquake?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
Which of the following is a characteristic of perfect competition?
A. While there are many firms, relatively few tend to influence the market price. B. The firms that can distinguish its product from its competitors are the ones that usually succeed. C. Some barriers to entry into the market exist. D. In the buyers mind, the products are identical.
Both the precautionary and asset demand for money are influenced by
A. the interest rate. B. the U.S. Treasury. C. gold prices. D. none of these.
If there are no externalities, producing where price is greater than marginal cost is inefficient because for every unit produced, consumers derive benefits that are less than the cost of the resources needed to produce it.
Answer the following statement true (T) or false (F)