Unions typically ____ deregulation because it generally makes pricing ____ competitive.
A. oppose; more
B. oppose; less
C. support; more
D. support; less
Answer: A
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In the above figure, at a price of $6, a perfectly competitive firm produces ________ and it ________
A) some output; incurs an economic loss B) 0; incurs an economic loss C) 0; does not incur an economic loss or make an economic profit D) 0; makes an economic profit
The amount of money available in the economy:
A. is called the money supply. B. is managed by the Federal Reserve. C. varies depending on what is considered money. D. All of these are true.
Suppose that 300 bottles of soda are demanded at a particular price. If the price of a bottle of soda rises from that price by 6 percent, the number of bottles of soda demanded falls to 275 . Using the midpoint approach to calculate the price elasticity of demand, it follows that the
a. demand for bottles of soda in this price range is perfectly elastic. b. price increase will increase the total revenue of soda sellers. c. price elasticity of demand for bottles of soda in this price range is about 0.69. d. price elasticity of demand for bottles of soda in this price range is about 1.45.
Assume Cathy's Cupcake Company operates in a perfectly competitive market producing 10,000 cupcakes per day. At this output level, price exceeds the firm's marginal and average variable costs. It follows that producing one more cupcake will cause this firm's
A. profits to decrease. B. total cost to decrease. C. profits to increase. D. profits to remain unchanged.