Voluntary exchange
A) will eliminate scarcity.
B) is a nonprice rationing device.
C) is trading so that the consumer and producers are better off.
D) never involves transactions costs.
C
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Which of the following characteristics does perfect competition have in common with monopolistic competition?
a. price-taking firms b. homogeneous products c. no barriers to entry d. horizontal demand curve e. neither market advertises
We define net exports to be:
A. exports minus imports. B. imports minus exports. C. imports divided by exports. D. imports plus exports.
The quantity supplied of a good is the amount that
a. buyers are willing and able to purchase. b. sellers are able to produce. c. buyers and sellers agree will be brought to market. d. sellers are willing and able to sell.
In the United States, the minimum wage is defined as
A) the wage that the youngest job entrant into the job market makes. B) the lowest wage that a corporation should pay a worker if the corporation wants to ensure that its employees are well trained. C) the lowest hourly wage rate a firm may legally pay its workers, as legislated by the U.S. government. D) the wage ceiling above which a firm no longer must pay its employees additional benefits.