The labor market is an example of a
a. government market
b. classified market
c. communication market
d. resource market
e. product market
D
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According to classical theory, full employment in the labor market occurs
A) only when actual expenditures are greater than desired expenditures. B) only when the economy has just experienced a demand shock. C) whenever aggregate demand is less than aggregate supply. D) at a wage rate at which quantity demanded equals quantity supplied.
The lemons problem occurs mainly because of
A) asymmetric information. B) a market failure. C) negative externality. D) a monopoly.
Knowing the price elasticity of demand is important in business because it allows a manager to determine whether:
A. a price increase will cause total revenue to rise or fall. B. an increase in supply will cause total profit to rise or fall. C. a price increase will cause the quantity demanded to rise or fall. D. a price increase will cause the demand to rise or fall.
The process of research and development
a. always leads to useful products. b. almost never leads to useful products. c. often involves a waste of resources. d. is usually conducted in governmental laboratories.