Firms will continue to enter a perfectly competitive industry until
A. the supply curve is vertical.
B. the supply curve is meaningless.
C. any excess returns have been competed away.
D. all resources are fully employed.
Answer: C
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If the supply of labor in a purely competitive labor market increases, then the product
A. demand curve will shift to the left. B. supply curve will shift to the left. C. supply curve will shift to the right. D. demand curve will shift to the right.
A cartel maximizes industry profit by
a. eliminating quotas b. producing at the kink in its demand curve c. producing where MR = MC d. cutting production costs to become more efficient e. producing more output than a monopoly would
What defines a means-tested program?
What will be an ideal response?
Recall the Application about the mismatch of rent-controlled apartments and their tenants to answer the following question(s).Recall the Application. According to a recent study, about ________ percent of rent-controlled apartments in New York City are mismatched.
A. 20 B. 40 C. 60 D. 80