A perfectly competitive market is characterized by the free entry and exit of firms
a. True
b. False
Indicate whether the statement is true or false
True
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
If there is both a decrease in immigration and an increase in workers' non-wage incomes, a. the supply of labor will increase
b. the supply of labor will decrease. c. the supply of labor will remain unchanged. d. the effect on the supply of labor will be indeterminate.
One thousand adults live in Milltown. Every day, they all leave work at 4:30 p.m., arrive home at exactly 5:00 p.m., and go to bed at 9:00 p.m. Three fundraisers, Alpha, Beta, and Charlie, have targeted Milltown's population. To get a donation, they must call Milltown's residents after they get home from work but before they go to bed. Because the charities raising the funds are identical, the first to call a willing donor will get the donation. Calls made by the fundraisers will tend to be:
A. clustered near 5:00 p.m. B. clustered near 7:00 p.m. C. evenly distributed throughout the evening. D. clustered near 6:00 p.m.
If the United States is operating at full production, not only are we using our most ________ technology, but we are utilizing our land, labor, capital and entrepreneurial ability at their most ________________.
Fill in the blank(s) with the appropriate word(s).