If the consumer price index decreased from 1.66 to 1.59, then it must be the case that ________ relative to prices in the base year.
A. some prices rose and some prices fell
B. the weighted average level of prices rose
C. the weighted average level of prices fell
D. all prices fell
Answer: C
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Of the following market structures, which is the most competitive?
A) perfect competition B) monopolistic competition C) monopoly D) oligopoly
Negotiations between the management of a company and the management of a union for the purpose of setting a mutually agreeable contract on wages, fringe benefits and working conditions for all employees in a union is know as
A) a closed shop. B) a union shop. C) collective bargaining. D) an industrial union.
A political opponent argues that unemployment insurance is bad for the economy. How would you counter this argument to show that unemployment insurance is actually good for the economy?
What will be an ideal response?
A ________ prevents new firms from entering and competing in a monopolistic industry.
A. market power sharing agreement B. collusive agreement C. cartel agreement D. barrier to entry