Which of the following types of workers is most likely to face seasonal unemployment?
a. carnival game operator
b. police officer
c. fast food worker
d. costume designer
a. carnival game operator
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Suppose the market for bottled water is served by two oligopolists. If they reach an agreement to restrict production and charge a price above marginal cost, then:
A. neither firm will have an incentive to cheat on the agreement since it benefits them both. B. their agreement is likely to eventually collapse. C. they will charge a higher price than a monopolist would have charged. D. they will earn a larger profit than a monopolist would have earned.
The concept that explains firms possessing different bundles of resources is
a. Resource heterogeneity b. Resource immobility c. Barriers to entry d. imitability
Better information about consumers' reservation prices generally leads to:
A. acquisition of goods by consumers with the greatest need. B. a reduction in producer surplus. C. equitable distribution of goods among low income consumers. D. acquisition of goods by consumers who are willing to pay the highest price.
In 2011, the three largest economies in the world were (listed in order, from largest):
A. The U.S., China, Germany B. China, the U.S., Japan C. The U.S., China, Japan D. China, the U.S., Germany