"Pricing-to-market" is a business practice that was common in the twentieth century, but has now all but disappeared
Indicate whether the statement is true or false
FALSE
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Labor unions support the minimum wage because
A) the increased unemployment is good for labor. B) the value associated with the deadweight loss goes to labor unions. C) labor unions prefer to operate in black markets. D) it puts upward pressure on all wages. E) union members are usually paid the minimum wage.
Which of the following statements is not true of fixed and flexible exchange rate systems?
a. Under fixed exchange rates, government officials have little direct role in the foreign exchange market. b. Under fixed exchange rates, the government must select an appropriate exchange rate. c. Under fixed exchange rates, active central bank intervention is necessary to maintain the fixed exchange rate. d. Under fixed exchange rates, the governments must stand ready to buy all foreign exchange offered to it and supply all foreign exchange demanded from it. e. Flexible exchange rates rely on market forces to set the exchange rate, but fixed exchange rates are set by central banks.
Adverse selection is
a. the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior. b. an action taken by an uninformed party to induce an informed party to reveal information. c. the failure of majority voting to produce transitive preferences for society. d. the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party.
Refer to the below graph for a representative firm in monopolistic competition in a constant-cost industry. This firm is:
A. In short-run equilibrium, but not long-run equilibrium
B. In long-run equilibrium, but not short-run equilibrium
C. In both short-run and long-run equilibrium
D. Not in either short-run or long-run equilibrium