Although there are many reasons why a market can be non-competitive, the principal economic difference between a competitive and a non-competitive market is:
A. the number of firms in the market.
B. the annual sales made by the largest firms in the market.
C. the size of the firms in the market.
D the extent to which any firm can influence the price of the product.
E the presence of government intervention.
D the extent to which any firm can influence the price of the product.
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Assume labor is the only variable input and that an additional input of labor increases total output from 72 to 78 units. If the product sells for $6 per unit in a purely competitive market, the MRP of this additional worker is
A. $72. B. $12. C. $36. D. $6.
Suppose Charley only purchases boardgames (B) and haircuts (H) with his income
If the price of boardgames increases by 100% while the price of haircuts increases by 300%, how will the MRT change (consider the budget constraint drawn on a graph with boardgames on the horizontal axis)?
Personal income does not include
a. transfer payments. b. capital consumption allowance. c. dividends. d. interest income.
Which of the following statements is not correct? a. Economic growth is best measured by the annual percentage change in nominal GDP per capita. b. An economy producing along the production possibilities curve is operating at its potential output. c. Economic growth is a crucial determinant of people's well-being
d. If the quality of labor improves, an economy's production possibilities curve will shift outward.