The increased willingness of employers to hire strikebreakers, and the increased willingness of workers to cross picket lines, help explain why unions have grown more reluctant to strike
Indicate whether the statement is true or false
true
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Assume a hypothetical case where an industry begins as perfectly competitive and then becomes a monopoly. As a result of this change
A) price will be higher, output will be lower, and the deadweight loss will be eliminated. B) consumer surplus will be smaller, producer surplus will be greater, and there will be a reduction in economic efficiency. C) consumer surplus will be smaller and producer surplus will be greater. There will be a net increase in economic surplus. D) price will be higher, consumer surplus will be greater, and output will be greater.
In the non-market-clearing model, "involuntary" unemployment results because
A) real wages are too high. B) real wages rise when aggregate demand increases. C) real wages fall when aggregate demand increases. D) wages and prices are sticky.
In perfect competition as well as in monopolistic competition,
a. marginal revenue is equal to price for each firm. b. profit is positive in a long-run equilibrium for each firm. c. entry and exit by firms are restricted. d. there are many firms in a single market.
Figure 10-1
If the profit-maximizing firm depicted in Figure 10-1 is perfectly competitive, how much output should it produce?
a.
A
b.
B
c.
C
d.
D