Quantitative analysis of relevant data show that economic problems for farmers in the last half of the 19th century included:
a. falling prices of farm products relative to other prices.
b. rising real interest rates.
c. rising prices for consumer goods.
d. rising prices for farm equipment.
e. All of the above
e. All of the above
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Which of the following describes the longrun situation in a monopolistically competitive market?
a. Competition drives out firms until there is only one left. b. New firms enter the market because of monopoly profits, the demand curve shifts to the left and becomes flatter, and profits disappear . c. New firms enter the market and eventually there is only one kind of product, and each firm agrees to share the profits. d. Consumers are left with no choices and no close substitutes, and firms make higher profits.
If there is a monopsony operating in the labor market illustrated in the figure above and the federal government decides to institute a minimum wage of $8 an hour then the wage paid will ________ and the quantity of labor hired will ________
A) increase; decrease B) increase; increase C) decrease; increase D) decrease; decrease