Which of the following labor markets is more likely to be competitive?
A) Receptionists
B) Singers
C) Soccer players
D) Sculptors
A
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The closer monopolistic competition gets to perfect competition
a. the more vertical the AR curve. b. the more horizontal the AR curve. c. the greater the difference between AR and MR. d. the greater the profit.
Abstracting from reality is an important element of all economic models
a. True b. False Indicate whether the statement is true or false
Employers and workers in the protected industry know that the consequences of protection are principally:
a. lower prices for their output, lower profits for owners, and lower wages for workers. b. higher prices for their output, lower profits for owners, and lower wages for workers. c. higher prices for their output, lower profits for owners, and higher wages for workers. d. lower prices for their output, higher profits for owners, and higher wages for workers. e. higher prices for their output, higher profits for owners, and higher wages for workers.
?Kites /hourSnowboards /hourJesse81April123
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 18.2 shows how much of each good Jesse and April can paint in one hour. Which of the following is TRUE?
A. April has both an absolute and comparative advantage in painting kites. B. April has both an absolute and comparative advantage in painting snowboards. C. April has neither an absolute nor comparative advantage in painting kites. D. April has neither an absolute nor a comparative advantage in painting snowboards.