Economists tend to focus on one structural aspect of market organization that is more important than the others. It is
A. product homogeneity or differentiation.
B. the quality of market information.
C. the entry and exit conditions.
D. the number of buyers and sellers.
Answer: C
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Refer to Figure 9-3. Without the quota, the domestic price of peanuts equals the world price which is $2.00 per pound. What is the quantity of peanuts demanded by domestic consumers in the absence of a quota?
A) 10 million pounds B) 28 million pounds C) 30 million pounds D) 40 million pounds
Most trade between Mexico and the United States is intrafirm
Indicate whether the statement is true or false
Under conditions of oligopoly, economies of large-scale production mean that: a. firms are able to sell all of the output they desire
b. it is difficult for a firm to determine its profit-maximizing price and output. c. large firms would find it more profitable to break up into smaller production units. d. small firms are at a disadvantage in competing with relatively large firms.
The natural rate of unemployment does not include
a. frictional unemployment b. technological unemployment c. workers who are unemployed because of a recession d. people laid off because the demand for their good disappeared, such as blacksmiths e. people who voluntarily quit their jobs to look for other, more promising jobs