In a perfectly competitive labor market, the industry demand curve is ________ and the industry supply curve is ________.
A. vertical; perfectly elastic
B. downward sloping; upward sloping
C. perfectly elastic; upward sloping
D. upward sloping; downward sloping
Answer: B
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Real GDP measures ________.
A. base year output at current prices B. current output at current prices C. base year output at current exchange rates D. current output at base year prices
Refer to Table 2-10. Which of the following statements is true?
A) Barney has a comparative advantage in making unicycles and Fred in making pogo sticks. B) Barney has a comparative advantage in making pogo sticks and Fred in making unicycles. C) Barney has a comparative advantage in making both products. D) Fred has a comparative advantage in making both products.
The capture hypothesis suggests that
A) marginal cost regulation is superior to average cost regulation. B) the well-focused interests of consumers will lead to the over-regulation of most industries. C) the firms being regulated will unduly influence the regulators. D) regulation will lead to over-entry and eventual losses for firms in the industry.
During the short-run period of the production process, a firm is: a. unable to vary any of its factors of production
b. able to vary only some of its factors of production. c. able to vary all of its factors of production. d. able to vary the size of its plant.