The labor market for teachers in a small, isolated community that has one school district would be best described as a(n):

Boeing Corporation and Airbus Industries are the only two producers of long-range commercial aircraft. This market is not perfectly competitive because:

A. Airbus cannot sell aircraft to the United States government. B. each company has annual sales over $10 billion. C.Airbus receives subsidies from the European Union. D. all of the above E. each company can significantly affect prices.

Suppose the U.S. economy enters a recession and incomes fall. What will happen to the equilibrium prices and quantities of normal goods? Would your answer be the same if you were discussing inferior goods? Why or why not?

What will be an ideal response?