In which of the following market structures do you find many sellers?
A. monopolistic competition
B. perfect competition
C. monopoly
D. Both monopolistic competition and perfect competition are correct
Answer: D
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Which of the following would NOT affect a good's price elasticity of demand?
A) the ease of substitution between goods B) the cost of producing the good C) the number of substitute goods available D) the proportion of one's budget spent on an item
The phenomenon of wages in many industries changing very little or not at all for a year or more after a change in output is referred by economists as
a. wage lag effect. b. wage stickiness. c. compensation inflexibility. d. inertia. e. reservation wage effect.
According to the traditional economic model, which of the following would alter a state of consumer equilibrium if all other factors remain the same?
a. a decrease in the price of a good b. an increase in the quantity supplied of a good c. a decrease in the number of substitutes d. an increase in the number of complements
China has roughly how much of the world's population?
A. 40 percent. B. 30 percent. C. 20 percent. D. 10 percent.