Marxists and leaders of communist economies actually often admire the market mechanism for its
a. efficiency in allocation of resources.
b. fairness in distribution of output.
c. maximization of net benefits for consumers.
d. effectiveness in achieving high rates of growth.
d
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The quantity equation becomes the basis for a theory when we assume that velocity of money is constant
Indicate whether the statement is true or false
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. Suppose Kate enters the market first and chooses her output before Alice. What is Kate's profit maximizing output?
A. 2,000 B. 1,333.34 C. 1,000 D. 4,000
Which of the following people would be counted as employed?
a. A retired naval officer b. A high school student c. A stay-at-home father d. A teenager who has given up looking for work after a year of trying e. A ski instructor who is working during the summer
Which of the following is not correct?
A. Other things equal, a monopsonist will pay a lower wage rate than will a firm hiring labor competitively. B. A monopsonistic employer will pay workers a wage rate equal to their MRP. C. A purely competitive seller will pay workers a wage rate equal to their MRP. D. An imperfectly competitive seller will employ additional workers as long as the MRP of additional workers exceeds their MRC.