What characteristic is common to perfect competition, monopolistic competition, and monopoly?
a. free entry and exit
b. zero economic profit in the long run
c. firms treat the market price as given
d. firms maximize profits by producing where MR = MC
e. small number of buyers relative to the number of sellers
D
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The additional revenue earned from hiring one more worker is known as the
A) marginal physical product of labor. B) marginal revenue product of labor. C) marginal factor cost of labor. D) marginal utility of labor.
Which of the following countries has consistently run trade deficits in recent years?
a. Germany b. France c. United States d. Japan
Which one of the following will cause a movement down along an economy's consumption forecast?
A. an increase in stock prices B. a decrease in stock prices C. an increase in consumer indebtedness D. a decrease in disposable income
Economies where some production decisions are made by the government and some are made by buyers and sellers are called
A) command economies. B) market economies. C) mixed economies. D) capitalist economies.