The market structure in which there is a single supplier of a good or service for which there is no close substitute is
A) oligopoly.
B) perfect competition.
C) monopoly.
D) monopolistic competition.
Answer: C
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Without any change in the demand for labor, how are the following events likely to change the equilibrium wage and employment level in a dairy farm?
a) An increase in the population of the region where the dairy farm is located b) The establishment of a cotton mill that pays higher hourly wages, near the dairy farm c) The shutdown of a rice farm located near the dairy farm
In the above figure, the short-run aggregate supply curve is SAS and the aggregate demand curve is AD. A recessionary gap exists
A) if the long-run aggregate supply curve is LAS1. B) if the long-run aggregate supply curve is LAS2. C) if the long-run aggregate supply curve is LAS3. D) All of the above answers are correct.