In which market structures is the firm able to earn long-run economic profits?
A. oligopoly and monopoly
B. perfect competition and monopolistic competition
C. monopolistic competition, oligopoly and monopoly
D. monopolistic competition and oligopoly
Answer: A
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An increase in the employment tax will have no effect on output if the labor supply curve
A) is perfectly vertical. B) has a positive slope. C) is perfectly horizontal. D) has a negative slope.
In Figure 4-5 above, suppose that real income is YB and the money market is in equilibrium. The interest rate at this point is ________ to support commodity market equilibrium, so that involuntary inventory changes are ________
A) too low, positive B) too low, negative C) just right, zero D) too high, positive E) too high, negative
If the dollar appreciates against the Mexican peso, consumers in Mexico are likely to buy more local products, and consumers in the United States are likely to buy more Mexican products. This phenomenon is known as:
a. forward exchange rates. b. currency pass through. c. expenditure switching. d. depreciation of the dollar.
Which of the following statements is correct?
A. An increase in the price of C will decrease the demand for complementary product D. B. A decrease in income will decrease the demand for an inferior good. C. An increase in income will reduce the demand for a normal good. D. A decline in the price of X will increase the demand for substitute product Y.