When is a demand curve smooth?
a. when there are no consumers
b. when there are few consumers
c. when there is one consumer
d. when there are many consumers
d. when there are many consumers
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The policy that aims to regulate and prevent anti-competitive pricing in the United States is referred to as:
A) antitrust policy. B) anticompetition policy. C) monopoly regulation policy. D) consumer protection policy.
Moe's Sweaters is a firm in perfect competition. Moe's customers don't know who the firm's workers are
If Moe is the only employer in the market who discriminates against women by paying them less than he pays to equally qualified men, his firm will A) lower its labor cost and receive a greater economic economic profit than its competitors. B) receive a positive economic profit while its competitors will only receive a normal profit. C) not maximize its economic profit and will not survive. D) be able to lower its price and undercut the competitors.
Key determinants of economic profit include ________
A) the revenue from selling goods and services B) the cost incurred in buying capital C) the cost of hiring labor D) all of the above E) none of the above
When the real output of an economy is above its equilibrium output, _____
a. sales increase unexpectedly b. inventories begin to grow as output remains unchanged c. businesses will increase their level of production d. there will be a decrease in the stock of inventories