Research by economists Autor, Dorn, and Hanson revealed that during the period 1990 to 2007, U.S. regions that faced more competition from Chinese imports had _____________ unemployment rates and ______________ wages than U.S. regions that faced less competition from Chinese imports
A) lower; higher
B) higher; lower
C) lower; lower
D) higher; higher
B
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Which of the following is a difference between an oligopoly with differentiated products and a monopolistic competition?
A) There are no barriers to entry in an oligopoly with differentiated products, while there are huge barriers to entry in a monopolistic competition. B) There are huge barriers to entry in an oligopoly with differentiated products, while there are minimal barriers to entry in a monopolistically competitive market. C) Firms in an oligopoly market with differentiated products charge a price higher than marginal cost in the long run, while firms in a monopolistic competition charge a price lower than marginal cost in the long run. D) Firms in an oligopoly with differentiated products charge a price lower than average total cost in the long run, while firms in a monopolistic competition earn a price higher than average total cost in the long run.
If workers in an industry become less productive, we would expect the
A) supply of workers to increase. B) supply of workers to decrease. C) demand for workers to decrease. D) demand for workers to increase.
Fixed costs are defined as
a. the total costs of a firm's production b. the additional cost of the last unit produced c. costs that increase proportionately as the quantity produced increases d. costs that do not vary as quantity produced increases e. implicit costs only
Rather than always choosing the best course of action, humans make decisions that are merely good enough. In other words, they are