Which of the following is NOT an assumption of perfect competition?
A) many firms
B) many buyers
C) restrictions on entry into the market
D) each firm sells an identical product
C
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The economist who advocated a single tax on land was:
A. Adam Smith. B. John Maynard Keynes. C. Henry George. D. Milton Friedman.
Why is the demand for labor downward sloping in the short run?
What will be an ideal response?
Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid by the hour. Under this contract,
A) production efficiency is not achieved. B) the client bears all of the risk. C) the lawyer has an incentive to lie about his hours worked. D) All of the above.
Aggregate supply grows over time because of growing consumer and government spending
a. True b. False Indicate whether the statement is true or false