What is the aspect of imperfect competition that is most distinct from perfect competition?
A) free entry/exit
B) perfect information
C) differentiated products
D) zero profits
C
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The graph shows the labor market for apple pickers in Ohio. If the government sets a minimum wage of $5 an hour, ________ apple pickers are unemployed
A) 6,000 B) 8,000 C) 10,000 D) 14,000 E) more than 14,000
Which of the following is true with respect to the price elasticity of demand?
a. The coefficient of price elasticity of demand will change with changes in the units of measurement (for instance, going from pounds to ounces). b. Elasticity of demand is equal to the slope of the demand curve. c. Elasticity measures the sensitivity of total expenditure to a change in price of a good. d. Elasticity will tend to be greater for a relatively expensive product than for a cheaper one. e. A coefficient of 1 means that the percentage change in total expenditure is equivalent to the percentage change in price.
Adam's Ribs in downtown Chicago buys $10,000 worth of beef ribs, $25,000 worth of pork ribs, and $8,000 worth of napkins each month. Are these purchases included in the calculation of gross domestic product?
Marc puts prices on surfboards and skateboards at his sporting goods store. He is using money as a unit of account
a. True b. False Indicate whether the statement is true or false