Which of the following is a characteristic of a competitive market?
a. There are many buyers but few sellers.
b. Many firms have market power because they own patents.
c. Buyers and sellers are price takers.
d. Firms sell differentiated products.
c
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Assuming all else equal, if the marginal product of labor rises, ________
A) there is a rightward movement along the labor demand curve B) the labor demand curve shifts to the right C) there is a leftward movement along the labor demand curve. D) the labor demand curve shifts to the left
When there is a positive externality associated with the watering of one's lawn, the free market results in:
a. not enough lawn watering. b. too much lawn watering. c. the socially optimal level of lawn watering. d. people watering each other's lawns. e. government subsidies for lawn watering.