According to the text, most real world market structures are mainly
a. monopoly and perfect competition
b. monopoly and oligopoly
c. perfect competition and oligopoly
d. oligopoly and monopolistic competition
e. perfect competition and monopolistic competition
D
Economics
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The data presented in the text shows that in the period from 1947-2013, real GDP in the United States has
A) decreased in every year since 1947. B) generally remained the same. C) decreased only in recent years. D) increased substantially.
Economics
The above figure shows the market for labor. The employer is a monopsony. If a minimum wage is set at $10 per hour, which of the following will occur?
A) The firm will pay $5 per hour. B) The firm will pay $10 per hour. C) The firm will pay $15 per hour. D) The firm will hire less than 400 hours of labor.
Economics