In a market where one unit of labor produces one unit of output, consumers prefer
A) a competitive labor market and a monopoly output market.
B) a competitive output market and a monopoly labor market.
C) a monopoly output market and a monopoly labor market.
D) None of the above—they are indifferent between A and B.
D
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If the economy is at point R, most likely this economy is experiencing __________.
Joe Santos owns the only pizza parlor in a small town that is also home to a McDonald's, a Taco Bell, and a Kentucky Fried Chicken. Using a broad definition of a monopoly, Joe has a monopoly
Indicate whether the statement is true or false
A shift in the demand curve will occur when
A) supply shifts. B) the price of an input used to produce the good changes. C) consumers' income changes. D) the price of the product changes.
Nations will attract investment and its citizens will engage in productive activities when the institutions and policies of that country
a. encourage market exchange. b. reward innovation. c. protect people and their property. d. all of the above.