Firms entering a perfectly competitive industry will cause the price of the product to
a. fall.
b. rise.
c. remain constant.
d. become more responsive to consumer demand.
a
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 0d and that it is 0u in country B.) The migration of labor from low-income country B to high-income country A will:
A. Increase wages in country A and decrease wages in country B
B. Decrease wages in country A and decrease wages in country B
C. Decrease wages in country A and increase wages in country B
D. Increase wages in country A and increase wages in country B
Q: How many economists does it take to change a light bulb? A: All. Because then you will generate employment, more consumption, moving the aggregate demand curve to the right. This joke represents the view of
A) classical economists. B) Keynesian economists. C) economists who contend that money illusion never occurs. D) economists who conclude that wages and prices are very flexible.
What is the union wage gap if the average union salary is $92,000 while the average nonunion salary is $80,000?
A. 13% B. 15% C. 87% D. 125% E. 10%
Suppose a country has 10 million people. Three-fourths of those individuals are in the labor force, with 500,000 unemployed. Full employment occurs at 5 percent. Based on this information, what is the unemployment rate?
A. 75 percent. B. 7.5 percent. C. 5 percent. D. 6.67 percent.