An essential characteristic of a perfectly competitive market is that buyers and sellers have:
A. no competition and so must set the market price on their own.
B. so much competition that they must work together perfectly to set a market price.
C. so much competition that they have no ability set their own price.
D. no control over the price they set because it is determined by government.
C. so much competition that they have no ability set their own price.
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Which of the following is a nonrenewable resource?
A) residential land B) sunshine C) a machine tool D) oil
What is the underlying assumption of the original, simplified Keynesian model?
A) The relevant range of the short-run aggregate supply curve (SRAS) is vertical. B) The relevant range of the aggregate supply curve (AS) is vertical. C) The relevant range of the short-run aggregate supply curve (SRAS) is horizontal. D) The relevant range of the long-run aggregate supply curve (LRAS) is horizontal.
Since the 1930s, average U.S. tariff rates on imports have
a. risen dramatically b. risen slowly c. declined dramatically d. declined slowly e. remained about the same
Suppose that an industrial accident at a factory destroys a significant number of high-speed blenders that bartenders use to mix frozen drinks. What will happen in the labor market for bartenders?
a. Both wages and employment will increase. b. Both wages and employment will decrease. c. Wages will increase, and employment will decrease. d. Wages will decrease, and employment will increase.