In a labor market generally biased against Hispanics, a reduction in the collective discrimination coefficients of employers will:
A. reduce the Hispanic wage rate, increase Hispanic employment, and lower the actual
Hispanic-white wage ratio.
B. reduce the Hispanic wage rate, decrease Hispanic employment, and lower the actual
Hispanic-white wage ratio.
C. increase the Hispanic wage rate, increase Hispanic employment, and increase the actual
Hispanic-white wage ratio.
D. increase the Hispanic wage rate, reduce Hispanic employment, and increase the actual
Hispanic-white wage ratio.
Answer: C
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All of the following are characteristics of a perfectly competitive market EXCEPT
A) homogeneous products. B) large number of buyers and sellers. C) buyers and seller have equal access to information. D) high barriers to entry and exit.
If the simple money multiplier is 5, the required reserve ratio must be equal to _____
a. 5 percent b. 0 c. 10 percent d. 50 percent e. 20 percent
One difference between oligopoly firms and firms that are monopolistic competitors is that:
a. the average total cost curves of monopolistic competitors are generally u-shaped, but for oligopoly firms they are not. b. monopolistic competitors choose a level of output such that marginal revenue equals marginal cost, but oligopoly firms generally do not. c. monopolistic competitors face lower costs on average than do oligopoly firms. d. the interdependence among firms is highly significant in oligopoly markets, but not in monopolistically competitive markets.
A firm in a perfectly competitive industry is producing 50 units, its profit-maximizing quantity. Industry price is $2, total fixed costs are $25, and total variable costs are $40. The firm's economic profit is
A) $15. B) $30. C) $35. D) $60