Given the characteristics: (1) many buyers and sellers, (2) free entry and exit, (3) perfect information, and (4) heterogeneity of products, monopolistic competition and perfect competition share
A. (1) and (4).
B. (1), (2), and (3).
C. (2) and (4).
D. (2), (3), and (4).
Answer: B
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An advance in technology that results in increased productivity results in a
A) rightward shift of the labor supply curve. B) rightward shift of the labor demand curve. C) rightward shift of both the labor supply and labor demand curves. D) no change to the production function.
Some people have argued that government should provide only those goods that we would truly define as public goods. If so, which of the following should government produce?
a. National Defense b. day-care centers for children of working mothers c. mail delivery d. unemployment benefits e. subsidies for agricultural products
An import quota taxes an import but does not set a limit on how much may be imported
a. True b. False
The slope of a line parallel to the horizontal axis is:
a. 1. b. 0. c. infinite. d. undefined.