For a firm in a perfectly competitive labor market, the supply curve of labor is
A) elastic.
B) inelastic.
C) perfectly elastic.
D) perfectly inelastic.
C
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Refer to Table 2-15. Which of the following statements is true?
A) Jack has a comparative advantage in lawn mowing and George in garden cultivating. B) Jack has a comparative advantage in garden cultivating and George in lawn mowing. C) George has a comparative advantage in both tasks. D) Jack has a comparative advantage in both tasks.
To remedy the problem faced by low-skilled job seekers, more attention must be paid to the level of demand, not the structure of demand
Indicate whether the statement is true or false
Perfectly competitive markets are characterized by:
a. a small number of very large producers. b. very strong barriers to entry and exit. c. firms selling a homogeneous product. d. all of these.