Consider a labor market in which employers discriminate against African Americans. Comparing the labor market equilibrium with no discrimination to the equilibrium with discrimination,
A. The African American wage rate is higher without discrimination than with discrimination.
B. The number of African American workers hired is lower without discrimination than with discrimination.
C. The white wage rate is higher without discrimination than with discrimination.
D. The African American wage rate and the white wage rate are equal with and without discrimination; only the number of workers differs.
Answer: A
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The long-run supply curve for a competitive constant-cost industry is:
a. horizontal. b. vertical. c. upward-sloping. d. downward-sloping.
When does market equilibrium change in a given market?
What will be an ideal response?
What is a mixed economy?
A. An economy in which production and distribution is done by both a private sector and a public sector. B. An economy that has a mixture of resources. C. An economy run by representatives of different political parties. D. An economy that produces a blend of various products rather than concentrating on a single product.
Answer the next question on the basis of the following cost data for a perfectly competitive firm.Total ProductAverage Fixed CostAverage Variable CostAverage Total CostMarginal Cost1$100.00$17.00$117.00$17250.0016.0066.0015333.3315.0048.3313425.0014.2539.2512520.0014.0034.0013616.6714.0030.6714714.2915.7130.0026812.5017.5030.0030911.1119.4430.55351010.0021.6031.6041119.0924.0033.0948128.3326.6735.0056Which of the following represents the firm's short-run supply schedule?(1)(2)(3)(4)PQsPQsPQsPQs$5012$5012$5011$50114220421142104210368369369369328328328328206206206206130135130135
A. Table (1) B. Table (2) C. Table (3) D. Table (4)