Of the three big? questions, what?, how?, and for whom?, which of the following is an example of a how ?question?
A. Why do we use machines rather than migrant workers to pick? grapes?
B. Why do doctors and lawyers earn high? incomes?
C. Why do college football coaches earn more than? professors?
D. Why? don't we produce more small cars and fewer gas? guzzlers?
A. Why do we use machines rather than migrant workers to pick? grapes?
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A contestable market will always end up as a monopoly in the absence of antitrust protection
Indicate whether the statement is true or false
Under which one of the following market structures are firms most likely to enter into a price-fixing agreement designed to maximize their joint profit?
a. price-taker markets with low entry barriers b. pure monopoly c. price-searcher markets with low entry barriers d. oligopoly
Which of the following is the most important pre-requisite to a well-functioning market economy?
A) Goods must be non-scarce. B) Everyone must have an adequate income. C) Participants must follow some clear, general rules. D) People must have roughly similar tastes and preferences. E) There must be approximate equality of incomes.
If it is difficult to substitute for a good in the short run, but easy in the long run, then
A) the elasticity of demand is more elastic in the short run. B) the elasticity of demand is more elastic in the long run. C) the good is an inferior good. D) elasticity changes along the demand curve.