Which of these is true of the expected price level in a labor market?
a. It is the equilibrium price level in the short run
b. It determines the actual price level in the short run.
c. It determines the actual price level in the long run.
d. It allows firms and resource owners to make long-term wage agreements.
e. The difference between the expected and actual price levels is equal to the actual inflation rate.
d
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The table above shows the marginal private benefit, marginal social benefit, and marginal cost of education at the College of Epsilon. What subsidy per student will the college require to take in the efficient number of students?
A) $2,400 B) $400 C) $2,800 D) $3,400
In which of these situations would the Coase theorem be MOST likely to work?
A) A thousand firms use a lake, there are no other users, all their costs could be reduced somewhat by polluting, but all would have lower water intake costs if the lake were clean. B) A group of nine firms use a lake, there are no other users, all their costs could be reduced somewhat by polluting, but all would have lower water intake costs if the lake were clean. C) Worldwide deep sea fishing rights need to be negotiated among thousands of fishermen from different countries. D) One hundred and fifty nations need to come to an accord about CFC generation to combat ozone depletion. E) A group of chemical firms high upstream on the Mississippi River have emissions that affect not only communities downstream along the river, but around the Gulf of Mexico as well.
The more firms an oligopoly has,
a. the more likely it is to earn monopoly profits. b. the higher the price of the product. c. the farther the equilibrium quantity will be from the socially efficient quantity. d. the more likely the firms will charge a price close to the perfectly competitive price.
Most or all of the mark-up revenue from a quota can be captured by the government if the government auctions off import licenses.
Answer the following statement true (T) or false (F)