Which of the following characteristics does not fit a perfectly competitive market?
A. Numerous small firms
B. Identical products produced by all firms in the market
C. Each individual firm has a small amount of control over the market price
D. Ease of entry and exit from the market
Answer: C
Economics
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How does an increase in the proportional labor income tax modify the consumer's budget constraint?
A) a parallel move up B) a parallel move down C) the slope decreases (constraint gets steeper) D) the slope increases (constraint gets flatter)
Economics
Bilateral monopoly exists when
A) there is either a monopoly or a monopsony in the market. B) there are two competing labor unions in a labor market. C) there is a monopoly and a monopsony in a market. D) a firm is both a monopolist in its output market and a monopsonist in the input market.
Economics