In which case do firms have some control over their price?
a. monopolistic competition and perfect competition
b. oligopoly but not perfect competition
c. perfect competition but not monopoly
d. neither monopolistic competition nor oligopoly
b
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Which of the following statements is TRUE?
A) All nations that belong to the International Monetary Fund have equal voting power. B) The voting power of a nation in the International Monetary Fund is determined by its quota subscription. C) The voting power of a nation in the International Monetary Fund is called special drawing rights. D) The voting procedure in the International Fund is determined by the World Bank.
If workers in the auto industry were unionized as auto workers, regardless of their specific jobs in the plant, this union would be called a(n)
a. agency union b. industrial union c. skilled union d. craft union e. federated union
Sellers as a group determine the demand for a product, and buyers as a group determine the supply of a product
a. True b. False Indicate whether the statement is true or false
People are especially prone to undervaluing opportunity costs when
A. they are monetary. B. they are nonmonetary, such as time. C. All of these are true. D. they involve obvious costs, like lost wages.