Refer to Table 2.4. What can be observed about the given resources?
A) Land is fixed but fertilizer is variable. B) Land and fertilizer are both fixed.
C) Land is variable but fertilizer is fixed. D) Land and fertilizer are both variable.
A
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If there is a monopsony operating in the labor market illustrated in the figure above, the equilibrium wage and quantity of labor hired is
A) $15 and 50 hours. B) $10 and 100 hours. C) $10 and 50 hours. D) $5 and 50 hours.
The major problem with the Sherman Antitrust Act of 1890 was that
(a) it was struck down by the Supreme Court. (b) the government lacked the tools to enforce it. (c) its language was too vague to be applied the ways desired by Congress. (d) businesses found ways to use the Act clearly in their favor.
Refer to the graph shown. If the government's goal is to eliminate the welfare costs of monopoly, it will:
A. establish a price floor at P1. B. establish a price ceiling at P3. C. not attempt to control price. D. establish a price ceiling at P2.
Refer to the information provided in Table 21.10 below to answer the question(s) that follow. Table 21.10
Refer to Table 21.10. Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 1 is
A. 98. B. 100. C. 112. D. 120.