Which of the following are types of economic markets? I. perfectly competitive II. oligopoly III. monopoly IV. multilateral
A) I and II
B) II and III
C) I and IV
D) I, II and III
D
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Some economists develop theories concerning policy issues to
A. further their own political agendas. B. understand what happened in an earlier time period. C. describe current economic events. D. make sound recommendations about policy alternatives. E. help elect new government officials.
When the quantity demanded of labor exceeds the quantity of labor supplied, the market wage rate is
a. below equilibrium b. above equilibrium c. at its equilibrium level d. equal to the workers' MRP e. equal to the workers' opportunity cost
Which of the following statements is true?
A. When the forces of supply and demand determine for whom goods are produced in a society, an equitable distribution of income will naturally result. B. An external benefit will occur when a third party enjoys some of the benefits derived from production of some good or service. C. One of the roles of the United States government is to provide a job to any able-bodied person who wants a job. D. The price mechanism will work well if there are at least two companies that are competing against each other.
If the inputs to a production process are perfect substitutes and the marginal rate of technical substitution is equal to the ratio of the prices of the two inputs, the firm can choose from a virtually infinite array of combinations of the two inputs
to minimize the costs of producing a given level of output. Indicate whether the statement is true or false