Which of the following markets is closely related to macroeconomics?
a. Cattle futures market. b. Fulton's fish market.
c. Skilled labor market. d. Nation's unemployment rate.
d
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Graphically, producer surplus is the:
A) difference between the demand curve and the price a consumer pays. B) difference between the supply curve and the price a consumer pays. C) difference between total cost and total revenue. D) product of price of a good and quantity sold.
In the above figure, a change in quantity demanded with unchanged demand is represented by a movement from
A) point a to point e. B) point a to point b. C) point a to point c. D) None of the above represent a change in the quantity demanded with an unchanged demand.
External economies of scale often arise because similar firms
A) locate in the same geographic region. B) collude to fix prices and increase profits. C) have excellent internal logistics. D) agree to cooperate to expand global trade. E) have economies of scale in production.
When a market consists of a few large firms and barriers to entry exist, it:
A. must be perfectly competitive. B. is likely an oligopoly. C. must be monopolistically competitive. D. is likely a monopoly.