Phrases such as "unbreakable bottle," "non-shrink," "extra spicy," and "nonstick surface" are generally used in advertisements for products sold in perfectly competitive markets

Suppose that a hurricane destroys part of the tobacco crop in North Carolina

What willhappen to the price of tobacco? What will happen to the marginal product of tobacco field workers as a result of the hurricane? Can we tell what will happen to the demand for tobacco field workers? Explain.

Poorly timed discretionary policy can do more harm than good. Getting the timing right with fiscal policy is generally

A) far less difficult than with monetary policy. B) about the same difficulty as with monetary policy. C) less difficult than with monetary policy. D) more difficult than with monetary policy.