Which of the following best describes what W 2 represents in the context of a skill- biased technical change?

Monopolies are characterized by all of the following, except one. Which is the exception?

a. a downward-sloping demand curve b. potential for long-run profits c. a perfectly elastic demand curve d. barriers to entry e. no close substitutes for the good produced

An externality is

A) a third-party benefit or cost that is associated with the production of a good. B) when external forces such as war or flood affect the market. C) government intervention in the markets. D) transaction costs.