Modeling trade in imperfectly competitive industries is problematic because
A) there is no single generally accepted model of behavior by imperfectly competitive firms.
B) there are no models of imperfectly competitive behavior.
C) it is difficult to find an imperfectly competitive firm in the real world.
D) collusion among imperfectly competitive firms makes usable data rare.
E) there is only a single model of imperfect competition (monopoly) but imperfect competition can take many forms in the real world.
A
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When all other influences on firms' hiring plans remain the same, the
A) lower the real wage rate, the greater is the quantity of labor supplied B) higher the real wage rate, the greater is the quantity of labor demanded. C) lower the real wage rate, the smaller is the quantity of labor demanded. D) lower the real wage rate, the greater is the quantity of labor demanded. E) None of the above answers is correct because firms' hiring decisions depend on how profitable hiring a worker is, which depends on how much added profit the worker can create.
The buyers of a good will want to purchase it as long as their willingness to pay for the good is:
A) equal to zero. B) greater than zero. C) less than the price. D) greater than or equal to the price.
How do balance of trade, balance on current account, and balance of payments differ?
What will be an ideal response?
If consumption is at point A, producers will increase output to equal what level?
a. B
b. C
c. D
d. E (Equilibrium)