Which of the following is not a characteristic of a perfectly competitive market?
a. Firms are price takers
b. Individual firms are price setters.
c. Firms are able to sell all of the output that they choose to produce.
d. Firms produce identical goods.
b
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When the collective bargaining process fails to produce an acceptable contract, the union can attempt to extract a higher wage from a monopsonist by
a. bringing in more workers b. allowing the workers to negotiate their own individual terms c. shifting the MLC curve downward d. going on strike e. increasing the return to monopsony power
Which statement is false?
A. Our 2009 trade deficit with Japan was the highest deficit ever recorded with any one country. B. Our trading position with Japan is very much like a colony and a colonial power. C. Japan had an economic revival in the 1950s and 1960s largely by targeting the American consumer market. D. If we eliminated our trade deficits with Japan and China, we would still be running a trade deficit.