Another term for capitalism is the:
A. system of inputs and outputs.
B. command system.
C. socialist economy.
D. market system.
Answer: D
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Only a market economy must answer the questions of what goods to produce, how to produce them, and for whom to produce them.
Answer the following statement true (T) or false (F)
Which of the following is an accurate description of long-run equilibrium for a perfectly competitive firm?
a. At the equilibrium point, the average total costs for short run and long run are unrelated. b. At the equilibrium point, the average total costs for short run are lower than for long run. c. At the equilibrium point, the average total costs for short run are higher than for long run. d. At the equilibrium point, the average total costs for short run and long run are equal.
Given two economic systems, A and B, if economy A has a comparative advantage in the production of widgets, then
A. economy A would not benefit from the specialization of production. B. economy A must give up less of all other goods to produce widgets than economy B. C. economy A is less efficient in the production of some goods than economy B. D. the inputs necessary to produce widgets in economy A cost less than in economy B.
Suppose the market for nursing services in a local community is so dominated by a single community hospital that for all practical purposes it is considered a monopsony. Using the diagram below, answer the question.
What is the equilibrium wage and level of employment under monopsony? a. W0 and E0 b. W2 and E0 c. W1 and E1 d. W0 and E1