Perfect competition and monopolistic competition are similar in this one respect:
a. firms make zero economic profit in the long run
b. firms produce at the lowest point on their ATC curves
c. there are few firms in each industry
d. entry is difficult
e. firms produce differentiated products
A
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Which of the following statements is FALSE?
A) saving = disposable income - consumption B) consumption + saving = disposable income C) consumption = saving - disposable income D) disposable income - saving = consumption
Troubled Asset Relief Program is a government program that invested in financial institutions and automakers to help stabilize markets
Indicate whether the statement is true or false
Compensating differences in wages, pay workers for:
A. differences in worker training and skills. B. differences in the nonmonetary characteristics of jobs. C. geographic immobility. D. discrimination in hiring and firing.
An example of a sunk cost would be:
A. the admission fee you paid to enter a national park. B. the value of a lift ticket once you've started skiing. C. the cost of a movie ticket once you've started watching the movie. D. All of these are examples of sunk costs.