A small number of firms competing with each other is characteristic of:
a. monopolistic competition.
b. perfect competition
c. oligopoly.
d. monopoly.
c
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Aggregation allows economists to ________ at the cost of ________.
A. make normative statements; ignoring positive analysis B. make positive statements; ignoring normative analysis C. see the big picture; obscuring the details D. see the details; obscuring the big picture
Refer to Figure 14.3. To maximize total wages paid to workers, the labor union will agree to wage rate:
A) W0. B) W1. C) W2. D) W3. E) none of the above
For a person earning $75,000, the marginal tax amount from 10,001 to $15,000 is:
A. $500
B. $750
C. $1,750
D. $2,000
Classical economists and monetarists believe that the economy operates at full- employment GDP. Therefore, any increase in the money supply will cause both nominal and real GDP to increase
Indicate whether the statement is true or false