With the real wage on the vertical axis and the unemployment rate on the horizontal axis, we know that
A) the WS curve is upward sloping.
B) the WS curve is downward sloping.
C) the PS curve is upward sloping.
D) the PS curve is downward sloping.
B
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The exit of existing firms from an industry will very likely
A. shift the industry supply curve to the left. B. cause the market price to rise. C. eliminate the losses of existing firms in the industry. D. All of the responses are correct.
Which of the following statements is true of British colonies set up in areas of Mexico, Guatemala, and Bolivia?
A) Most of the major political decisions were taken by the natives. B) The institutions set up were mostly inclusive. C) The natives had well-defined property rights. D) The natives were forced to work in mines and agricultural estates.
A firm can use its demand curve to calculate
A. total revenue. B. economic profit. C. production costs. D. accounting profit.
The quantity demanded in a market is only large enough for one firm to operate at the minimum of the long-run average cost curve. Which of the following will result in this situation?
a. Natural monopoly b. Oligopoly c. Duopoly d. Cartel