In a perfectly competitive market with 75 non-identical firms producing at market price p1
A) the supply curve is flatter than if there were only 35 identical firms.
B) the supply curve is more elastic than if there were only 25 identical firms.
C) the supply curve is more inelastic than if the firms were identical.
D) All of the above.
D
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A firm that is earning zero economic profit should go out of business.
Answer the following statement true (T) or false (F)
If the minimum wage were raised to $10.00 per hour, it would no longer be considered a poverty wage. Would it be wise to raise the minimum wage to this level?
What will be an ideal response?
Structural unemployment occurs when
A. workers have quit one job and are looking for a better one. B. high school graduates enter the labor market every June. C. the business cycle is in a downturn and people are laid off. D. the people without jobs have skills that don't match the available job openings.
If a government imposed price ceiling legally sets the price of beef below market equilibrium, which of the following will most likely happen?
A. The quantity of beef demanded will decrease. B. The quantity of beef supplied will increase. C. There will be a surplus of beef. D. There will be a shortage of beef.