In the United States, which agency determines whether domestic firms have been harmed by subsidies and dumping or by a sudden surge in imports and whether protection is warranted?
What will be an ideal response?
The United States International Trade Commission
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Which of the following characterizes a perfectly competitive market?
a. a few firms fiercely competing by slashing prices b. product differentiation through aggressive advertising c. perfect information d. limited resource mobility e. barriers to entry such as licenses
The situation in which the marginal product of labor is greater than zero and declining as more labor is hired is called the law of:
a. negative response. b. inverse return to labor. c. diminishing returns. d. demand.
Assume that five oligopolists begin with a common price of p = $15. One of the firms raises its price to $18. What are the other four firms likely to do, based on the theory of the kinked demand curve?
A. Raise their prices also, but by less than $3 B. Raise their prices by $3 C. Keep their prices the same D. Lower their prices by less than $3
Suppose the U.S. government encouraged new teachers to take jobs in underperforming schools by paying the new teachers a $20,000 bonus. These teachers would be exemplifying the economic idea that
A) people are rational. B) people respond to economic incentives. C) optimal decisions are made at the margin. D) equity is more important than efficiency.