Who said that the economic profit in a purely competitive economy "will vanish in the subsequent process of competition and adaptation"?
A. Joseph Schumpeter
B. David Ricardo
C. Frank Knight
D. Karl Marx
A. Joseph Schumpeter
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The three welfare goals: adequate income, work incentives, and minimize costs are irreconcilable
Indicate whether the statement is true or false
Refer to the diagram. If an inclusive union seeks to maximize the number of jobs available for its members, what wage rate will it seek to impose on the monopsonist?
A. D minus A.
B. F.
C. C.
D. B.
In a monopoly, price is greater than marginal cost.
Answer the following statement true (T) or false (F)
Which would make it easier to maintain an effective collusive agreement in a cartel?
A. The emergence of a number of potential entrant firms B. A decrease in the elasticity of demand for the cartel's product C. An increase in the number of substitutes for products produced by the cartel D. A new method of pricing that makes it more difficult for firms in the cartel to determine the prices at which other cartel members are selling their product