An example of a perfectly competitive market would be the market for
a. electricity.
b. soybeans.
c. coffee shops.
d. restaurants.
b
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Refer to above figure. Would you expect to find that the real wages become equalized in both countries? Explain the reason for any differences you note
What will be an ideal response?
In building a model the assumption that allows economists to study only the factors being analyzed is the
A) rationality assumption. B) ceteris paribus assumption. C) the self-interest assumption. D) the scarcity assumption.
Unemployment benefits tend to be higher in Europe and are offered for longer periods than in the United States
a. True b. False
Economic rent serves
A. no useful function in a modern economy. B. an allocative function by guiding available supplies to the most efficient use. C. a descriptive function by making some wealthier than others, but serves no allocative function. D. only to make the rich richer and the poor poorer.