The market supply in a perfectly competitive market is:
A. fixed.
B. the sum of the quantities that each individual producer is willing to supply.
C. the total quantity of a good that the biggest market shareholder supplies at a given price.
D. derived from the MC curves from each firm after MC hits ATC.
B. the sum of the quantities that each individual producer is willing to supply.
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Aggregation is important because it allows macroeconomists to divide a whole into its individual components
a. True b. False
Which of the following contains a list only of things that increase when the budget deficit of the U.S. increases?
a. U.S. supply of loanable funds, U.S. interest rates, U.S. domestic investment b. U.S. imports, U.S. interest rates, the real exchange rate of the dollar c. U.S. interest rates, the real exchange rate of the dollar, U.S. domestic investment d. the real exchange rate of the dollar, U.S. net capital outflow, U.S. net exports
Which type of market structure contains a single buyer?
a. Monopoly. b. Monopsony. c. Oligopoly. d. Oligopsony.
Consider a labor market in equilibrium. If both demand curve and supply curve of labor shift to the right, then the number of workers hired in the market will:
A. increase. B. decrease. C. remain unchanged. D. either increase or decrease or remain unchanged.