________: the absence of direct or indirect government intervention to alter market prices and quantities
Fill in the blank(s) with correct word
Free trade
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If an oligopolist reduces the price of its product relative to its competitors: a. some customers will switch to rival firms
b. the number of customers it has will likely remain unchanged. c. some customers will switch from rival firms to buy from him. d. rival firms are unlikely to react.
A car sells at different prices at different dealerships in a local market. If a consumer has imperfect information about the price of a car at each dealership, he should
a. always gather all available information about prices. b. gather information about prices until the expected marginal benefit of more information equals the marginal cost of gathering it. c. gather information about prices only if it can be gathered without cost. d. ignore information about prices because it is irrelevant to making an "optimally imperfect" decision.
A patent is
A. a recognizable right to the profits associated with a new product or new way of making goods granted by business associations. B. the right to make a product and sell it at a reasonable price. C. a government protection that gives an inventor the exclusive right to the invention for a limited time period. D. a government protection that gives an inventor the exclusive right to the invention for an unlimited time period.
Refer to the below table. What would the wage rate be if all the workers could work in all three labor markets, and they get spread out evenly?
Suppose there are only three labor markets (A, B, and C) in the economy and each of these markets is purely competitive. The table below contains the demand (or marginal-revenue-product) schedule for labor in each of these three markets. Assume there are 24 million homogeneous workers in the economy and that one-half of these workers are male and one-half are female
A. $7.00 for females and $13.00 for males
B. $8.00 for females and $11.00 for males
C. $11.00 for females and $11.00 for males
D. $13.00 for females and $13.00 for males