Identify the market structure characterized by many small firms selling somewhat different products.
A. Monopoly
B. Monopolistic competition
C. Perfect competition
D. Duopoly
Answer: B
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All else equal, relative to a person who earns minimum wage, a person who earns $30 per hour has:
A. a lower opportunity cost of driving farther to work. B. a higher opportunity cost of taking the day off work. C. the same opportunity cost of spending time on leisure activities. D. a higher opportunity cost of working an additional hour.
Wages that are above the wage that workers would accept, where the premium is paid to increase worker productivity, are referred to as:
A) wage floors. B) wage ceilings. C) efficiency wages. D) productivity wages.
When an exchange rate is established as a fixed peg, active intervention may be required to maintain the target-pegged rate
a. True b. False Indicate whether the statement is true or false
Along a production possibilities curve that is concave to the origin, the opportunity cost of production of the good on the horizontal axis ____ as we move down along the curve
a. Decreases b. Increases c. remains constant d. first decreases, then increases