Barriers to entry are
a. not too difficult to overcome in a monopoly market structure
b. very high in a perfectly competitive market structure
c. nonexistent in an oligopoly market structure
d. not too difficult to overcome in a monopolistically competitive industry structure
e. nonexistent in a monopoly market structure
D
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The Bertrand model of price setting assumes that a firm chooses its price
A) independently of what price other firms charge. B) subject to what price rival firms are charging. C) so that joint profits are maximized. D) without considering the shape of the demand curve.
The opportunity cost of an activity is best measured
a. only by the monetary costs b. by the number of alternative activities that were forgone c. by the cost difference between the chosen activity and the next best alternative d. by the value expected from the best alternative that is forgone e. as the time wasted choosing among various activities
Some discriminatory hiring practices can be expected, even if markets are competitive, as a result of
a. unrestricted entry and exit in markets. b. lower costs of hiring. c. a perfectly elastic market demand. d. customer preferences.
In recessions, we expect to run federal budget ___ bc govt spending will be ____ tax revenues.
a. balances; equal to b. surpluses; greater than c. surpluses; smaller than d. deficits; greater than e. deficits; smaller than