The slope of the perfectly inelastic demand curve is ________, the slope of the perfectly elastic demand curve is ________
A) undefined, zero
B) one, one
C) zero, undefined
D) one, zero
A
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Under monopsony, the wage rate
A) equals the marginal product of labor. B) equals the marginal revenue product of labor. C) is less than the marginal revenue product of labor. D) is greater than it would be under perfect competition.
Government provision of goods and services that cannot easily be provided through markets because it is difficult to establish a one-to-one link between payment and consumption of the good is referred to as the
a. productive function of government. b. protective function of government. c. construction function of government. d. income redistribution function of government.
A requirement of perfect competition is that
i. many firms sell an identical product to many buyers. ii. there are no restrictions on entry into (or exit from) the market, and established firms have no advantage over new firms. iii. sellers and buyers are well informed about prices. A) i only B) i and ii C) iii only D) i and iii E) i, ii, and iii
Describe briefly how the final value of an iPhone must be equal to the sum of incomes generated by the production of the iPhone
What will be an ideal response?