Name the four types of market structure in order from most competitive to least competitive
What will be an ideal response?
Perfect competition, monopolistic competition, oligopoly, and monopoly
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Economists use a model that is a literal description of business’ behavior.
Answer the following statement true (T) or false (F)
If production function q1 = f(L, K), which of the following production functions illustrates neutral technical progress?
A) q2 = f(1.25L, 1.25K) B) q2 = f(1.25L, K) C) q2 = f(L, 1.25K) D) q2 = 1.25 * f(L, K)
If supply decreases and demand increases
A) the market clearing price definitely rises, and the equilibrium quantity falls. B) the market clearing price definitely rises, and the equilibrium quantity is indeterminate. C) the market clearing price definitely falls, and the effect on the equilibrium quantity is indeterminate. D) the effect on the market clearing price is indeterminate, and the equilibrium quantity definitely falls.
Assume that an economy has 1500 workers, each working 2000 hours per year. If the average real output per worker-hour is $20, then total output or real GDP will be:
A. $3 million B. $30 million C. $45 million D. $60 million