Rigged elections, partly free markets, and authoritarian control, as seen in countries like Russia and China, are all characteristics of what the text calls
a. "extremist theocracy."
b. "systematic antiglobalization."
c. "failed stateness."
d. "illiberal democracy."
d. "illiberal democracy."
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In the long run, a firm in a perfectly competitive market will
A) make zero economic profit, so that its owners earn a normal profit. B) make zero normal profit but its owners will make an economic profit. C) remove all competitors and become a monopolistically competitive firm. D) incur an economic normal loss but not earn a positive economic profit. E) remove all competitors and become a monopoly.
Refer to Figure 14.3. To maximize the number of workers hired, the labor union will agree to wage rate:
A) W0. B) W1. C) W2. D) W3. E) none of the above
Game theory is a model for describing oligopoly price decisions among firms that are:
a. interdependent. b. independent. c. regulated d. merging
Trade between countries that is without restrictions is called
A) unobstructed commerce. B) unabated trade. C) free trade. D) unencumbered trade.