If a market is contestable, the market will be characterized by
a. minimum-cost production methods and a competitive (normal) profit rate.
b. high barriers to entry and a small number of suppliers.
c. prices in excess of production costs and mergers leading to monopoly.
d. a large number of suppliers offering a homogeneous product.
A
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A(n) _____ provides guaranteed benefits for those who qualify under government transfer programs such as Social Security or Medicare
a. entitlement program b. excise tax c. continuing resolution d. biennial budget e. employment benefits
In the United States today, households headed by single women are more likely to be poor than:
A. married families. B. black males. C. Hispanic males. D. All of these are true.
Cartels are: a. difficult to organize
b. difficult to preserve. c. especially unlikely to succeed if the members sell many varied products. d. all of the above.
Refer to the information provided in Figure 28.3 below to answer the question(s) that follow.
Figure 28.3Refer to Figure 28.3. A firm might pay wages above $10 per hour if it believes such a wage will result in all of the following except
A. agitate unions. B. reduce worker shirking. C. reduce worker turnover. D. improve worker moral.