Mutual interdependence is an important characteristic of a monopolistically competitive market
Indicate whether the statement is true or false
F
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Refer to Table 2.4. Increasing the tanks of fertilizer from 4 to 5 will
A) decrease truckloads of potatoes. B) increase truckloads of potatoes. C) have no effect on truckloads of potatoes. D) require more acres of land.
The above figure shows the labor market in an undeveloped nation. If the minimum wage is set at $5.00 per hour, what effect will it have on the market for low-skilled labor?
A) The minimum wage will have no effect when set above the equilibrium wage rate. B) The minimum wage will create a surplus of low-skilled labor. C) The minimum wage will create a shortage of low-skilled labor. D) The minimum wage will attract more labor to the low-skilled labor market and cause the wage rate to fall.
The World Trade Organization (WTO) was organized as a successor to the
A) IMF. B) UN. C) UNCTAD. D) GATT. E) the World Bank.
Using anti-trust law to break up a monopoly
a. will increase economic efficiency b. makes sense if the market would function well under competitive conditions c. makes sense if the monopoly resulted from network externalities d. makes sense if the monopoly resulted from a patent or copyright e. would increase producer surplus