A perfectly competitive firm can sell as large a quantity as it wishes, so long as it accepts the prevailing market price
a. True
b. False
Indicate whether the statement is true or false
True
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From 1991 until 2001, the United States was in a period of
A) business cycle peaks. B) expansion. C) recession. D) business cycle troughs.
Refer to the given figure and assumptions. Assume initially that government does not effectively block illegal immigration. If the government then finds a way to prevent all illegal immigrants from working in this labor market:
(1) Employers in this market are willing and able to ignore minimum wage laws;
(2) S d represents the supply of domestic-born (and legal immigrant) workers; (3) S t represents
the total supply of workers in this labor market (S d plus illegal immigrants); and (4) unless
otherwise stated, illegal immigration is not effectively blocked by the government.
A. 100,000 domestic-born workers will gain employment at the expense of 200,000 illegal
immigrants.
B. 200,000 domestic-born workers will gain employment at the expense of 200,000 illegal
immigrants.
C. 100,000 domestic-born workers will gain employment at the expense of 250,000 illegal
immigrants.
D. 100,000 domestic-born workers will gain employment at the expense of 100,000 illegal
immigrants.
When the good on the horizontal axis is a composite good, the slope of the budget constraint is minus the price of the good on the vertical axis.
Answer the following statement true (T) or false (F)
In Barylia, Greenaqua Corp . is the sole controller of a resource required for the production of bottled drinking water. Therefore, Greenaqua Corp . enjoys:
A) legal market power. B) natural market power. C) regulated market power. D) restricted market power.