An attorney for a firm that is arguing that its market is competitive rather than monopolistic would be most likely to argue that the relevant market is shown by a:
A. three-digit North American Industry Classification System (NAICS) industry.
B. six-digit North American Industry Classification System (NAICS) industry.
C. five-digit North American Industry Classification System (NAICS) industry.
D. four-digit North American Industry Classification System (NAICS) industry.
Answer: A
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Why isn't slope as useful as elasticity to measure the responsiveness of one variable to another?
What will be an ideal response?
If a union is successful in negotiating a wage rate which is above the market clearing wage, then which of the following would not occur?
A) The higher wages attract more workers leading to a shortage of jobs. B) Management may replace part of the workforce with machinery. C) To handle the surplus of labor the union will form a closed shop. D) The union may shift the supply of labor curve by developing methods to ration jobs.
Allocation schemes can be based on
A) prices. B) randomness. C) government decisions. D) all of these choices.
Units of CapitalNumber of WorkersOutput/Day50051405290531505420055235
Refer to Table 2.3. Increasing the number of workers from 2 to 3 will increase output per day by:
A. 60 units. B. 90 units. C. 150 units. D. 240 units.