Although there are many reasons why a market can be non-competitive, the principal economic difference between a competitive and a non-competitive market is:
A) the number of firms in the market.
B) the extent to which any firm can influence the price of the product.
C) the size of the firms in the market.
D) the annual sales made by the largest firms in the market.
E) the presence of government intervention.
B
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Demand is said to be inelastic when
A) a given percentage change in price will result in a less than proportionate percentage change in the quantity demanded. B) demand exhibits zero responsiveness to price changes. C) small price increases will lead to zero quantity demanded. D) a given percentage change in price will result in a greater than proportionate percentage change in the quantity demanded.
If the demand for hair gel increases, the effect on the hair gel manufacturing job market will be to
A. Have no impact on equilibrium wages. B. Decrease the demand for labor and reduce equilibrium wages. C. Increase the demand for labor and increase equilibrium wages. D. Reduce the supply of labor and increase equilibrium wages.
The U.S. was the world's leading net creditor nation until
A. 1971. B. 1973. C. 1982. D. 1990.
Which is not a determinant of supply?
a. The existing state of technology used by the firm b. The level of government taxes and subsidies c. The cost of resources used in production d. The market price of the good