Refer to the above figure. Suppose that Cheerios and Apple Jacks are substitutes. Which diagram shows the effect on the demand for Cheerios when the price of Apple Jacks cereal has decreased?
A) A
B) B
C) neither graph
D) both graphs
B
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Refer to the table above. What is the total cost incurred per month if Ryan rents Apartment 3?
A) $2,000 B) $2,050 C) $2,150 D) $2,270
Answer the following statements true (T) or false (F)
1. Forms of imperfect competition include monopoly, oligopoly, and monopolistic competition. 2. Oligopsony refers to a market in which there are a few buyers. 3. Monopsonistic competition is a market in which there are only a few sellers but each offers different conditions to sellers. 4. The rule of reason applies to antitrust activity. 5. The Clayton Act brought labor unions under the jurisdiction of the antitrust laws.
Due to the added worker effect, the labor force participation rate
A. is a fairly useless statistic. B. decreases during a recession. C. overcounts the number of workers with a job. D. overcounts the number of workers wanting a job. E. increases during a recession.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.