In recent times, the price of oil has risen dramatically. Economic analysts currently are focusing on questions concerning the likely impacts of this price increase on the U.S. economy. The branch of economics that deals with this situation (i.e., what
will be questions) is called ________ economics.
Fill in the blank(s) with correct word
Positive
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Comparing single-price monopoly to perfect competition, monopoly
A) increases the amount of consumer surplus. B) has the same amount of consumer surplus. C) has no consumer surplus. D) decreases the amount of consumer surplus. E) decreases the amount of economic profit.
Price elasticity of supply is represented as ____________________.
a. monetary currency b. a percentage c. a fraction d. a ratio
A monopolist's profits with price discrimination will be
a. lower than if the firm charged a single, profit-maximizing price b. the same as if the firm charged a single, profit-maximizing price. c. higher than if the firm charged just one price because the firm will capture more consumer surplus. d. higher than if the firm charged a single price because the costs of selling the good will be lower.
If wages drop below the market equilibrium level in a competitive labor market:
A. unemployment will persist until the wage increases. B. firms will be able to offer lower wages and still fill all the jobs they have. C. firms will demand more labor than workers are willing to supply. D. All of these statements are true.