Perfectly competitive markets are:
A. the most common type of market in our economy.
B. hard to find in a real world setting.
C. made up principally by consumer goods.
D. typically found in industrial sectors of our economy.
B. hard to find in a real world setting.
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Suppose penalties are imposed on both buyers and sellers of marijuana, but the cost of breaking the law to sellers is greater than that to buyers
This measure will ________ the equilibrium price of marijuana and ________ the equilibrium quantity of marijuana sold. A) lower; increase B) raise; increase C) raise; decrease D) not change; will decrease
Use the growth accounting equation to calculate productivity growth, given output growth of 3.5%, capital stock growth of 5%, labor employment growth of 2%, the output elasticity of capital of 0.3, and the output elasticity of labor of 0.7
What will be an ideal response?
The underground economy refers to
A) transactions in mineral and mining activity. B) cash payments made in lieu of credit cards. C) cash payments made in order to avoid documentation of taxable income. D) hoarding of dollar bills in high-inflation countries.
In the above figure, if the firm is facing demand curve d2, then to maximize profits it will produce at output level
A) A. B) B. C) C. D) D.