In which of the following market structures does free entry and exit play an important role in the long-run equilibrium outcome? (i) perfect competition (ii) monopolistic competition (iii) monopoly
a. (i) only
b. (i) and (ii) only
c. (ii) and (iii) only
d. (i), (ii), and (iii)
b
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Which of the following statements best describes antebellum immigration to the U.S.?
a. Immigration peaked in the 1820s and slowly decreased through the Civil War. b. Immigration in the late 1840s and 1850s were primarily "pulled" to the US by the attractive opportunities available here. c. Immigration from England was relatively constant over time compared to the immigration rate from other nations. d. Large scale German immigration occurred primarily in the early part of this period.
If a firm in a competitive industry is making zero economic profit but still producing, it must be the case that:
a. MC = MR > ATC. b. MC = MR < ATC. c. MC = ATC > MR. d. MC = MR = ATC. e. this situation is not possible.
Property rights to resource uses are assigned to owners of the firm to avoid
A) hold-up problems. B) externalities. C) value creation. D) normal profits to the company as a whole.
Which of the following countries had double-digit inflation for most of the years from 2000 to 2010?
a. India b. Iran c. Italy d. Iraq