In a perfectly competitive market,
a. no firm can earn an economic profit
b. it is possible for each firm to earn an economic profit in the short run
c. firms determine the market price and consumers determine the market quantity
d. consumers determine the market price, and firms decide how much to produce at that price
e. the market demand curve is a horizontal line at the market price
B
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Economists use regression analysis to separate the effects of productivity-related characteristics from the effect of gender alone
Indicate whether the statement is true or false
All of the following are devices that governments can use to achieve a more efficient allocation of resources in the presence of external benefits EXCEPT
A) vouchers. B) private subsidies. C) marketable permits. D) public provision.
If a worker receives a weekly nominal wage of $300 and the CPI is 125, the real wage is approximately
a. $210. Cc. $200. d. $300.
If a tax is levied on the buyers of a product, then the demand curve will
a. not shift. b. shift down. c. shift up. d. become flatter.