Which of the following does competition provide in a market economy?
a. centralized decision-making
b. planning committees setting output quotas
c. a regulator for the free market system
d. government price controls
c. a regulator for the free market system
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The market supply function is P = 10 + Q and the market demand function is P = 70 - 2Q. What is the change in consumer surplus associated with a minimum floor price of $30?
A) Zero B) -$100 C) -$30 D) -$55
As long as marginal cost is decreasing, marginal product is
a. less than average product. b. greater than average product. c. equal to average output. d. equal to total product.
Monopolistic competition is characterized by which of the following attributes: i. Many sellers ii. Product differentiation iii. Significant barriers to entry
a. (i) and (iii) only b. (i) and (ii) only c. (ii) and (iii) only d. (i), (ii), and (iii)
A payroll tax
A. Causes the net wage to increase. B. Increases the nominal cost of labor. C. Shifts the labor demand curve to the right. D. Shifts the labor supply curve to the right.