The definition of a price taker is:
A. having market power.
B. having no control over the market price.
C. being competitive.
D. having government determine what you sell goods and services for.
B. having no control over the market price.
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A monopolist will always end up choosing to operate
a. even if its profits are negative. b. on the elastic portion of its demand curve. c. until such time as a new competitor enters its market. d. only if it can capture the entire consumer surplus.
The lessons of the Japanese recovery were most successfully repeated by
A. the Soviet Union. B. Argentina and Brazil. C. Taiwan, Singapore, and Hong Kong. D. Bulgaria and Romania.
If the price of a good goes up by 5 percent and, in response, the quantity demanded falls by 15 percent, the price elasticity of demand will be:
A. 3. B. 0.3333. C. 0.15. D. .05.
If the labor force is 575,000 and the total population 16 years of age or older is 650,000, the labor-force participation rate is
A. 65.0%. B. 75.0%. C. 88.5%. D. 92.5%.