From the perspective of the employer, which of the following might be a substitute for unskilled labor?
A) Computers
B) Skilled labor
C) Tools
D) Electricity
E) All of the above.
E
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A decrease in the value of a currency in terms of other currencies is known as
A) an appreciation. B) a depreciation. C) a par value. D) a gold point.
Tariffs raise the price of imported goods, but quotas rarely do
Indicate whether the statement is true or false
The analysis used for oligopolistic firms is similar to that used for monopolies in all of the following ways except
A. price is higher than the minimum of the ATC curve. B. output is to the left of the minimum of the ATC curve. C. the action of rival firms must continually be taken into account. D. both types of firms have a higher price and a lower output than a perfect competitor.
A monopolistic competitor will not make an economic profit unless
A. it engages in price discrimination. B. its marginal revenue is greater than its marginal cost. C. it faces an inelastic demand curve. D. its price is greater than its average total cost.