Suzie Homemaker works in her home as a full-time caretaker and homemaker. Officially, she is:
a. employed
b. unemployed.
c. not in the labor force.
d. a discouraged worker.
c
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The liquidity of an asset indicates: a. its buying power
b. the ease with which it can be converted into cash without a significant loss of value. c. the ease with which it can be converted into another asset. d. how likely people are to trade it internationally. e. its intrinsic value.
In an oligopoly market with a dominant firm and a competitive fringe, if market demand is _____, the market price will be low and the _____ profit will be small
a. less elastic; fringe's b. less elastic; dominant firm's c. more elastic; fringe's d. more elastic; dominant firm's
The fundamental source of monopoly power is
a. many buyers and sellers. b. low fixed costs. c. rising average total costs. d. barriers to entry.
If entry barriers into a monopolized market are kept low,
A. Government failure exists. B. A market is contestable. C. Market power increases. D. A duopoly will be created.