Answer to Question #346930 in Microeconomics for abeni

Question #346930

7 The following are the assumptions of the price leadership model except

A there are two firms, A and B

B The costs of the firms are different.

The number of buyers is large

D They produce a homogenous product

E none of the above.

8 Which one of the following is not a major determinant of the supply of labor?

The size of the population and age composition

B migrations of people from one area to another

C the proportion of the working population willing to work

 D the price of labor (wage rate)

E none.

9 Markets will not allocate resources efficiently if we have

A monopoly on power

B oligopoly power

C externalities

D private commodities/goods

E interdependent between firms.

10 One of the following is a characteristic of an efficient property rights structure.

A Universality

B exclusivity

C enforceability

D transferability

E all.

Expert's answer

7. A

8. C

9. B

10. A

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