A perfectly competitive market is characterized by highly advertised goods
a. True
b. False
Indicate whether the statement is true or false
False
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If a professional organization imposes strict licensing procedures that increase entry costs for new members, then labor
a. supply will fall, and the equilibrium wage rate will rise b. supply will fall, and the equilibrium wage rate will fall c. supply will rise, and the equilibrium wage rate will fall d. demand will rise, and the equilibrium wage rate will rise e. demand will rise, labor supply will fall, and the equilibrium wage rate will rise
The slope of the budget line in the graph shown:
A. represents the relative marginal utilities from consuming the two goods. B. is the consumer's income level. C. measures the total utility the consumer gets from consuming the two goods. D. represents the opportunity cost of the two goods relative to each other.