Recall the Application about the free-agent market for professional baseball pitchers to answer the following question(s).Recall the Application. Baseball teams know more about the health of free-agent pitchers than the pitchers themselves.
Answer the following statement true (T) or false (F)
False
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A perfectly inelastic demand schedule:
A. rises upward and to the right but has a constant slope. B. can be represented by a line parallel to the vertical axis. C. cannot be shown on a two-dimensional graph. D. can be represented by a line parallel to the horizontal axis.
An increase in income will cause
A) a reduction in the supply of central bank money. B) a reduction in the demand for currency. C) a reduction in the demand for reserves. D) none of the above E) both B and C
In what way does long-run equilibrium under monopolistic competition differ from long-run equilibrium under perfect competition?
A) Firms in perfect competition achieve productive and allocative efficiency while firms in monopolistic competition achieve neither allocative nor productive efficiency. B) The only difference is that in a monopolistically competitive market there are many brands to choose from while in a perfectly competitive market there is one standard product. C) Firms in perfect competition achieve productive efficiency while firms in monopolistic competition achieve allocative efficiency. D) Firms in perfect competition achieve allocative efficiency while firms in monopolistic competition achieve brand efficiency.
Answer the next question on the basis of the following information about the hypothetical economy of Asland. All figures are in millions.Unemployed7Total population145Employed95Discouraged workers3The labor force in Asland is
A. 105 million. B. 95 million. C. 102 million. D. 145 million.