A price ceiling set above the equilibrium price will cause which of the following?
A) an increase in supply
B) a surplus
C) a shortage
D) no effect on either the price or quantity
D
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Suppose a perfectly competitive market is in long-run equilibrium. If there is a permanent increase in demand,
A) at least in the short run, some firms will increase their output. B) at least in the short run, the price will increase initially. C) new firms will enter the market. D) All of the above answers are correct.
The perfectly discriminating monopolist will produce the
(a) quantity at which average cost exceeds marginal revenue. (b) quantity at which marginal cost equals average cost. (c) quantity at which marginal revenue equals marginal cost. (d) quantity and price which is not necessarily profit-maximizing but in the best interest of society at large, even if it means loss.
The return on human capital
A) tends to be much greater than the return on physical capital. B) tends to be much lower than the return on physical capital. C) is similar to the return on physical capital. D) cannot be related to the return on physical capital since human capital and physical capital are so different.
The job market for which group always seems to have higher unemployment than the labor force as a whole? Why?
What will be an ideal response?