A logical explanation for recessions might be that households have suddenly altered their willingness to work. A problem with this explanation is
a. it is inconsistent with patterns of job searches during recessions
b. the demand for labor rarely shifts
c. the large number of women who entered the labor force in the last four decades
d. it is inconsistent with the classical model
e. the work ethic that is responsible for the decline in American vacations
A
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As the number of firms increases in a market, the differences between the Cournot, Stackelberg, and price-taking market structures
A) decreases. B) increases. C) remains the same. D) cannot be determined.
Suppose the government believes that the equilibrium price established on the market by the forces of supply and demand is too low and, to correct it, sets a minimum price. That is to say, price is allowed to be higher, but it cannot be lower than that minimum. Economists call that minimum price a(n)
a. price ceiling b. price floor c. parity price d. deficiency price e. equilibrium price