In a competitive price-taker market,
a. many other sellers are offering a product that is essentially identical.
b. consumers have more influence over the market price than producers do.
c. government intervention prevents firms from influencing price.
d. producers agree not to change the price.
A
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People who are only working part-time, but want to be working full-time, are classified officially as
A) unemployed and out of the labor force. B) employed and out of the labor force. C) employed and in the labor force. D) unemployed and in the labor force.
Which of the following features are relevant for determining the extent of a market?
A) Its geographical boundaries. B) Technological innovations that would reduce the cost of production. C) The range of products to be included in it. D) both A and B E) both A and C
In competitive price-searcher markets, short-run economic losses will lead to
a. long-run economic losses. b. the exit of firms from the market and the eventual restoration of zero long-run economic profits. c. the entry of new firms into the market as old firms fail. d. the entry of additional firms into the market, causing each firm to experience an increase in demand for its product.
Economic welfare is generally measured by (i) profit. (ii) total surplus. (iii) the price consumers pay for the product
a. (i) and (ii) only b. (ii) and (iii) only c. (ii) only d. (i), (ii), and (iii)