In the market for labor:
A. there is never disequilibrium.
B. firms create the supply.
C. the price in the market is the interest rate.
D. individuals are the sellers of the good.
Answer: D
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Price discrimination by a monopoly
A) increases consumer surplus. B) decreases consumer surplus. C) increases the firm's profit. D) Both answers B and C are correct.
"The number of species on earth is decreasing drastically and economic development is the main factor for the problem." Do you agree or disagree? Why?
What will be an ideal response?
The similarity between markets for common resources and markets with externalities is that:
A. the equilibrium quantity is too high in terms of society. B. the price that competitive firms charge does not capture the true costs and benefits of consumption. C. government involvement is needed to reach an efficient outcome. D. generally we get an oversupply at market.
A case study of NAFTA, with regard to the benefits for Canada from U.S. trade, found that:
a. Canada was not able to increase its exports due to barriers still remaining. b. Canada had modest gains but was harmed by immigration into the United States from Mexico. c. Canada had more trade diversion than trade creation and so was harmed overall. d. Canada had more trade creation than trade diversion and so benefited overall.