Externalities are fundamentally the result of
a. the absence of competition in a market.
b. the lack of well-defined or enforced property rights.
c. poor information on the part of consumers.
d. the presence of significant comparative advantages in production.
B
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Because of the number of firms in monopolistic competition,
A) each firm has a large market share. B) it is possible for the firms to collude. C) no one firm can dominate the market. D) one firm has the ability to dictate market conditions. E) each firm must carefully monitor what its competitors do.
The table above shows the total product schedule for Rick's Lawn Service, a yard care company. The average product of labor ________ when the 7th worker is hired
A) reaches its maximum B) equals 1 lawn mowed C) equals 28 lawns mowed D) equals 4 lawns mowed E) equals 2 lawns mowed
If an earthquake destroys most of a country's steel mills, then the country's supply curve of steel will shift to the left
Indicate whether the statement is true or false
For this question, assume that expectations of productivity are slow to adjust. An increase in productivity growth from 1% to 3% will cause
A) an increase in the real wage of 1% and an increase in un. B) an increase in the real wage of 1% and a reduction in un. C) an increase in the real wage of 3% and an increase in un. D) an increase in the real wage of 3% and a reduction in un.