Since the demand for radishes is relatively elastic, a tax on radishes would be largely borne by radish farmers.
Answer the following statement true (T) or false (F)
True
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A monopolist has complete control over both price and quantity of output
a. True b. False
Which of the following does not explain why U.S. wage rates are higher than wage rates in developing countries?
a. better education and training of workers in the United States b. greater availability of capital in the United States c. use of the latest technology in the United States d. higher productivity in the United States e. unstable business conditions in the United States
When an economy is operating at full employment, _____
a. structural unemployment does not exist b. cyclical unemployment does not exist c. the unemployment rate is zero d. seasonal unemployment does not exist e. the number of discouraged workers is zero
In a two-person exchange, if the price offered to the seller is less than the opportunity cost of production, the exchange will not take place
Indicate whether the statement is true or false