A market's structure is described by
A) the number of firms in the market.
B) the ease with which firms can enter and exit the market.
C) the ability of firms to differentiate their product.
D) All of the above.
D
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Assume that the full-employment level of output is $5000 billion and the natural unemployment rate is 5%. Suppose the current unemployment rate is 8%
What would be the current level of output according to Okun's law (when the Okun's law coefficient is 2)? A) $4500 billion B) $4700 billion C) $4900 billion D) $5000 billion
In European countries where it is hard to fire an employee:
A. employers are reluctant to hire workers. B. employers instead rely on undocumented transient workers. C. employers try hard to train workers well. D. employers often treat workers very poorly.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point A to Point E, the opportunity cost of motorcycles, measured in terms of hybrid cars
A. remains constant. B. decreases. C. initially increases, then decreases. D. increases.
________ is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors
A) Autarky B) Absolute advantage C) Comparative advantage D) Specialization