_______________________ are economists who generally emphasize the importance of aggregate supply in determining the size of the macroeconomy over the _____________.
a. Keynesian economists; long run
b. Keynesian economists; short run
c. Neoclassical economists; long run
d. Neoclassical economists; short run
c. Neoclassical economists; long run
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Natural monopolies are the natural result of:
A. competition in markets where economies of scale exist over the relevant range of output. B. geographical happenstance. C. fierce competition from firms in a market. D. government regulations intended to encourage competition.
Suppose a monopsonist currently employs 100 workers at a wage rate of $400 per week. If the firm wants to expand employment to 110 workers, and the 110th worker will only work for $450 per week, what is the marginal labor cost of the 110th worker?
a. $450 per week b. $5,500 per week c. $950 per week d. $9,500 per week e. $49,500 per week
Which of the following is the best way for a student of economics to make sensible judgments about real-world markets and real-world governments?
a. In the real world, government action is always the best way to control markets. b. We must see the strengths and weaknesses of both markets and government. c. Markets’ lack of flexibility must produce unwanted results, such as monopolies and worker oppression. d. Government action is imperfect and does not reflect majority views, so it has no useful role to play in regulating markets.
Which of the following is a case of asymmetric information:
A. Neither you nor the insurance company has perfect information about whether a flood will occur. B. The buyer and seller of a used car don't know how long the car will operate. C. A provider of health insurance does not know whether a specific client is a smoker or not. D. None of the above are examples of asymmetric information.