A market with three firms in competition with each other has a equilibrium price of $5 and equilibrium quantity of 10,000. If the three firms form a cartel, the cartel, set price will be ________ than $5 and the set quantity will be ________ than 10,000.
A) greater; less
B) less; greater
C) greater; greater
D) less; less
A) greater; less
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Refer to Table 9-11. Which country has a comparative advantage in producing clocks?
A) Belize B) Denmark C) both countries D) neither country
The labor force consists of all adults who are currently employed
a. True b. False Indicate whether the statement is true or false
If the 1999 salary in 2009 dollars is $174,136, what can we say about it compared to the 2009 income given in the table shown?
A. Although the nominal salary has increased, the amount of purchasing power has remained the same from 1999 to 2009.
B. The increase in salary from 1999 to 2009 was more than inflation during that period.
C. The 1999 salary could buy more goods and services in 2009 than the 2009 salary could buy.
D. All of these statements are true.
Which of the following factors important in determining our standard of living are not reflected in the Gross Domestic Product?
A. The value of leisure, the quality of our environment, improvements in products quality. B. The value of our imports and exports, the value of leisure. C. The value of our imports, the improvements in product quality.