Quota holders receive a higher price in the domestic market than they receive in the world market, thereby receiving higher profits
a. True
b. False
Indicate whether the statement is true or false
True
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The equilibrating force in the credit market in the classical model is
A) the interest rate. B) the price level. C) full employment. D) fiscal policy.
A right-to-work law makes it illegal for
A) employers to refuse to hire union workers. B) union membership to be a requirement for continued employment in any establishment. C) union membership to be denied on the basis of race, gender, or national origin. D) a union to exist in a state.
Which of the following statements best describes equilibrium?
a. The area above the point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. b. The area below the point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. c. The point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. d. Any point above where the supply curve (S) and the demand curve (D) cross is called the equilibrium.
If an increase in production costs (say, an increase in the wage rate) results in an upward shift in the MC curve, but the MC curve still passes through the MR gap created by the kinked demand curve, then the oligopolist will respond to that increase in production costs by
a. keeping price and output the same b. raising price and decreasing output c. lowering price and increasing output d. raising price and raising output e. lowering price and lowering output