David has decided not to purchase another can of Stosh because his friends laughed at him the last time he purchased some. Stosh is no longer a popular item. David's decision is known as
A. positive market feedback.
B. negative market feedback.
C. price-leadership.
D. negative-sum game.
Answer: B
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The largest share of the U.S. private economy is
A) in manufacturing. B) competitive or monopolistically competitive. C) oligopolistic. D) monopolistic.
If a scale economy is the dominant technological factor defining or establishing comparative advantage, then the underlying facts explaining why a particular country dominates world markets in some product may be pure chance, or historical accident
Explain, and compare this with the answer you would give for the Heckscher-Ohlin model of comparative advantage.
Which of the following statements presents inaccurate information about the early U.S. labor movement?
a. Courts in the early 19th century often found unions guilty of conspiracy. b. Unskilled factory workers were the primary beneficiaries of early labor gains. c. In the 1820s and 1830s, small craft societies began to coalesce to form larger unions. d. Early unions experimented with collective bargaining, strikes and closed shops.
Consider the labor market for short-order cooks. A shortage in the availability of frying pans will cause
a. both equilibrium wages and equilibrium employment to increase. b. both equilibrium wages and equilibrium employment to decrease. c. equilibrium wages to increase and equilibrium employment to decrease. d. equilibrium wages to decrease and equilibrium employment to increase.