Characteristics shared by monopolistically competitive markets and perfectly competitive markets include:
a. differentiated products.
b. advertising
c. many sellers.
d. brand identity.
c
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The supply curve of labor to industry in the Lewis model is horizontal if there is surplus labor in agriculture. This condition persists as long as
a. the marginal product of labor is less than the average product of labor in agriculture. b. the marginal product of labor in agriculture is less than the marginal product of labor in industry. c. there are diminishing returns to labor in agriculture. d. the marginal product of labor in agriculture is zero.
Which of the following was an important source of economic stability during the two decades following the recovery from the 1982 recession?
a. countercyclical fiscal policy instituted by Congress b. a substantial increase in government spending as a share of the economy c. monetary policy that kept the inflation rate low and relatively steady d. balanced federal budgets throughout the period
Althea, a brilliant new Ph.D. in economics, has turned down many job offers because she hopes eventually to teach at one of the top 10 universities in her field. The type of unemployment she is experiencing is:
A. frictional. B. structural. C. underemployment. D. cyclical.
When total utility is at a maximum
A) marginal utility is at a minimum. B) marginal utility is negative. C) marginal utility is zero. D) marginal utility is equal to total utility.