If a factory hires 1,000 new workers, the nation's output level is probably
a. increasing and unemployment is likely to increase
b. increasing and unemployment is likely to decrease by 1000 individuals
c. fluctuating
d. stable
e. increasing and unemployment is likely to decrease by less than 1,000 individuals
E
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If firms in a particular market sell similar or identical products, then the market is (i) perfectly competitive. (ii) monopolistically competitive. (iii) an oligopoly
a. (i) or (ii) only b. (ii) or (iii) only c. (i) or (iii) only d. (i) only
A consumer will buy a new product rather than an existing product:
A. when the MU/P of the new product is less than the MU/P of the existing product. B. when the substitution of the new product for the old product increases the consumer's total utility. C. only if the new product has a lower price than the existing product. D. only if the MU of the new product exceeds the MU of the existing product.