Which of the following is a defining characteristic of a perfectly competitive market?
A) advertisements by well-known celebrities
B) persistent economic profits in the long run
C) no restrictions on entry into the industry
D) higher prices being charged for certain name brands
C
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With its goal of high employment, the Fed attempts to
A) keep unemployment at its natural rate. B) keep the unemployment rate as close to zero as is possible. C) eliminate all but cyclical unemployment from the economy. D) maintain equal rates of frictional, structural, and cyclical unemployment.
The Robinson-Patman act
a. Is a part of the antitrust laws b. Makes it illegal to give a price discount on a good sold to another business c. Makes it illegal to give a price discount on a good sold to final customers d. Both A&B
Industrial market countries make up about _____ of the world population but produce more than _____ of the world's output
a. 16 percent; 50 percent b. 40 percent; 75 percent c. 40 percent; 58 percent d. 55 percent; 65 percent e. 38 percent; 55 percent
Under what circumstances will an individual's labor supply curve become backward bending? Explain.
What will be an ideal response?