Perfect competition is defined as market structure in which:
a. there are many small sellers.
b. the product is homogeneous.
c. it is very easy for firms to enter or exit the market.
d. all of these.
d
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Mike’s Mealbarn is a competitive firm in the hot dog stand business. How will each of the following affect the short-run demand for labor at Mike's?
(i) Mike buys a new grill that makes the cooks more productive. (ii) Increasing numbers of people become vegetarians. (iii) A health inspector fines Mike $500 for unsanitary conditions, but fortunately Mike's customers don't learn about it.
The government of Eduland is planning to impose a tariff on the import of sports bikes. How is this policy likely to affect the domestic market for sports bikes in Eduland?
What will be an ideal response?
Suppose the California Nurses Union successfully secured a 12 percent increase in the wages of registered nurses
If a hospital responds by reducing the quantity of registered nurses hired and increasing the quantity of physician's assistants hired, what conclusion can you draw? A) The price elasticity of demand for registered nurses is negative while the price elasticity of demand for physician's assistants is positive. B) The cross-price elasticity of demand between registered nurses and physician's assistants is negative. C) Physician's assistants are more valuable in terms of their productivity. D) The cross-price elasticity of demand between registered nurses and physician's assistants is positive.
Whom does the Bureau of Labor Statistics include in the discouraged workers group?
a. All those between 16 and 65 who are neither disabled nor in an institution and are also neither employed nor seeking employment. b. Civilian labor force members who have chosen early retirement because they dislike their work or think the pay is too low. c. Members of the noninstitutional population who say they want to be employed but aren't searching for a job. d. Members of the civilian labor force who are looking for a job but cannot find one. e. Anyone in the population who is not working.