In considering how to allocate its scarce resources among its various members, a household considers
a. each member's abilities.
b. each member's efforts.
c. each member's desires.
d. all of the above
Ans: d. all of the above
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Assuming that the total market size remains constant, a monopolistically competitive firm earning profits in the short run will find the demand for its product decreasing in the long run because
A) some of its customers have switched to purchasing the products of new entrants in the market. B) as the firm raises its price in the long run, it will lose some customers to new entrants in the market. C) its costs of production rises. D) new entrants into the market are more likely to have cutting edge products.
Refer to the above figure. At a price of $10, excess quantity supplied equals
A) 0. B) 12. C) 15. D) infinity.
How does competition from nonunion firms and foreign producers affect the ability of a union to increase the wages of its members?
a. Such competition reduces the ability of a union to achieve wage increases. b. Such competition does not affect the ability of a union to achieve wage increases. c. Such competition will increase the strength of a union if it produces a product sold in the domestic market but reduce the strength of the union if it produces an export product. d. The effect of this type of competition will be entirely dependent on the elasticity of demand for labor in the domestic market.
The key feature of ________ is that firms act strategically.
A. perfectly competition B. an oligopoly C. a monopoly D. a natural monopoly