Which of the following is not a requirement for the existence of monopolistic competition in a market?
a. numerous small sellers
b. full information about the market among buyers and sellers
c. product homogeneity
d. freedom of entry into the market
c
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Which of the following statements is true?
A) Job search refers to the activities that workers undertake to find appropriate jobs. B) It is easier to find full-time suitable employment than to find seasonal part-time employment. C) In a competitive market, workers who demand a wage higher than the equilibrium wage rate are likely to get employed faster. D) Job search is normally a month-long process.
In a graph, a line has a negative slope if
A) the line is vertical. B) the line is horizontal. C) the line rises from right to left. D) the line rises from left to right.
The optimal patent length is equal to 20 years
Indicate whether the statement is true or false
Which of the following groups rejects the view that government policy can reduce the rate of unemployment even in the short run because that policy would be undermined by people's incorporation of the anticipated consequences of the policy into their present decisions?
a. classical school b. Keynesian school c. neo-Keynesian school d. rational expectations school e. supply-side school