A firm in a competitive input market can
A) hire workers at the going wage.
B) hire additional workers only by raising wages.
C) hire additional workers at lower wages because those who are still unemployed are anxious to work.
D) hire additional workers only after a long search process.
A
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Government austerity measures are more likely to resolve a sovereign debt crisis if ________
A) the real interest rate falls along with inflation B) the fiscal multipliers are especially large C) no aid is available from other countries, so the government is not tempted to abandon the austerity plan D) citizens, also, adopt austerity
How will the price and output of a monopolist compare with perfect competition?
a. The output of the monopolist will be too large and the price too high. b. The output of the monopolist will be too large and the price too low. c. The output of the monopolist will be too small and the price too high. d. The output of the monopolist will be too small and the price too low.
When a good is not easily excludable, what people pay for it will:
A. exactly equal the social benefit of the good. B. not necessarily reflect the real value they place on it. C. be greater than the social benefit of the good. D. reflect the real value they place on it.
Which of the following is least likely to violate the Sherman Act or the Clayton Act?
A. Competitive firms A, B, and C meet and agree to charge a common price. B. Competitive firms D and E, each with 35 percent market shares, merge into a single firm. C. Competitive firms F and G independently charge lower prices to frequent customers than to occasional customers. D. Large dominant firm H forces buyers to purchase its product X in order to buy its popular