In microeconomics, which of the following is synonymous with decreasing returns of scale?
a. monopoly
b. economies of scale
c. diminishing returns
d. diseconomies of scale
d. diseconomies of scale
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Minimum wage laws create unemployment for low-skilled workers because the legal minimum wage is set
A) above the market wage, causing the quantity of labor supplied to be greater than the quantity of labor demanded. B) below the market wage, causing the quantity of labor supplied to be greater than the quantity of labor demanded. C) above the market wage, causing the quantity of labor supplied to be less than the quantity of labor demanded. D) below the market wage, causing the quantity of labor supplied to be less than the quantity of labor demanded.
As compared to monopoly, a perfectly competitive market typically produces a(n) ______ quantity at a(n) _______ price.
a. higher, higher b. higher, lower c. lower, higher d. lower, lower e. identical, lower
Table 14.3In Table 14.3, Market 2 would be in equilibrium if buyers believed plums account for:
A. about 16.67% of the market. B. about 33.33% of the market. C. about 66.67% of the market. D. about 88.89% of the market.
Which of the following is NOT an expected benefit of reducing nontariff barriers to trade?
A) Fewer firms to compete with B) Lower prices for many goods C) Increase in the volume of exports and imports D) Improved overall economic welfare