A monopoly is MOST likely to be temporary if the monopoly power is derived from:
A) high barriers to entry.
B) a lack of substitutes for the monopolist's product.
C) economies of scale.
D) technological change.
Ans: D) technological change.
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The labor force is defined as
A) all individuals who are at least 16 years old and are currently employed. B) all individuals who are currently employed. C) all individuals who are at least 16 years old and are employed, looking for work or not looking for work. D) all individuals who are at least 16 years old and are currently employed or unemployed.
Blacks and whites go into the education system more equal than they come out
Indicate whether the statement is true or false
The actual incidence of a tax
a. depends on the statutory incidence. b. is entirely random. c. depends on the elasticities of supply and demand. d. falls entirely on buyers or entirely on sellers.
When wages increase, the income effect of labor supply ________ the quantity of labor supplied because ________.
A. reduces; the price of leisure has increased B. reduces; workers acquire more of all normal goods (including leisure) when income increases C. increases; the value of working has increased D. increases; the price of leisure has increased