The formation of cartels is primarily a concern in the __________ market structure(s)
a. perfectly competitive
b. monopolistically competitive
c. oligopoly
d. monopoly
e. perfectly competitive and monopolistically competitive
C
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The idea that it takes 90 percent of your time to clean up the last 10 percent of your house illustrates that
A) the marginal cost of cleaning up slopes downward. B) the marginal cost of cleaning up slopes upward. C) the marginal benefit of cleaning up is constant. D) the marginal benefit of cleaning up slopes upward.
An unintended consequence of price ceilings is:
A. the loss of surplus always outweighs the benefits of the policy. B. non-price rationing must occur, and can lead to bribes. C. the transfer of surplus from producer to consumer rarely is recognized. D. the producers increase the quality of the goods sold.
Financial crises seldom involve economic downturns
a. True b. False Indicate whether the statement is true or false
Other things equal, when the supply of workers is low, one would predict that market wages would be
a. relatively high. b. relatively low. c. determined solely by factors that affect demand. d. determined outside the domain of economic theory.