The three phases of consumption behavior—each identified by a different MPC—of Modigliani's life-cycle hypothesis are
a. young adults, middle age, and near or in retirement
b. apprentice, skilled, professional
c. staff, manager, senior manager
d. agricultural, industrial, services
e. urban, rural, international
A
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Which of the following statements is true?
A) The marginal entrant in a market earns the highest profit. B) The marginal entrant has the lowest cost among all firms in the market. C) Difference in technology and experience can lead to firms having non-identical costs even under perfect competition. D) In a market that has identical cost structures for all firms, there is possibility of positive economic profits in both the short run and the long run.
Consider the monopsony in the above figure. The monopsony will hire ________ hours per week
A) 200 B) 400 C) 600 D) None of the above answers is correct.
A tariff is a limitation on the amount of a good that can be imported
a. True b. False Indicate whether the statement is true or false
Compare and contrast the outcomes with respect to price and output in a monopolistically competitive market and a perfectly competitive market. In which situation are consumers better off? Why?
What will be an ideal response?