Which of the following accurately describes a major difference between a monopolist and firms in perfectly competitive markets?
a. The monopolist maximizes profit; firms in perfectly competitive markets maximize sales
b. The monopolist may earn long-run economic profit; firms in perfectly competitive markets cannot.
c. The monopolist is a price taker; firms in other markets are price searchers.
d. The monopolist may earn short-run profit; firms in perfectly competitive markets cannot.
b
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Low wages and poor working conditions in many U.S. trade partners
A) prove that the gains-from-trade arguments of the Ricardian model are false. B) may be a fact of life, but economists don't care. C) are facts emphasized by U.S. labor in its contract negotiations. D) prove that the gains-from-trade arguments of the Ricardian model are true. E) prove that international trade is exploitative.
The European Union Emission Trading Scheme is an example of:
a. a pollution tax. b. a pollution subsidy. c. a command approach. d. cap and trade. e. enforcing private property rights.
Scarcity is a concept that does not apply to
A. human wants. B. natural resources. C. land. D. machinery.
The conventional policy tools available to the Fed include each of the following, except the:
A. currency-to-deposit ratio. B. reserve requirement. C. target federal funds rate range. D. discount rate.