In both monopolistically competitive and perfectly competitive industries
A) firms produce products for which there are no close substitutes.
B) firms are price takers.
C) there are high barriers to entry.
D) there are many buyers and sellers.
D
Economics
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In a two good, two-country world, a country has a comparative advantage in any good for which it has a:
a. lower absolute cost than the other country. b. lower opportunity cost than the other country. c. higher absolute cost than the other country. d. higher opportunity cost than the other country.
Economics
Suppose a monopsonist hires its second worker and this person has a marginal labor cost of $75 per day. If the wage rate is now $62.50 per day, what was the wage rate of the first worker before the second was hired?
a. $40 b. $45 c. $50 d. $55 e. $60
Economics