40. The situation where a largenumber of workers with the samequalifications offer their work to alarge number of competing firmsin the labor market is called...1. Completely competitive labormarket2. The monopsony3. Monopoly4. Oligopoly41. Under what conditions does thecompany's profit becomemaximum?1. TR>TC2. MR > MC3. TR=TC4. MR = MC.42. In determining GDP by theexpenditures it does not include ...1. Consumer spending2. Gross private domesticinvestment" 3. Wages of employees4. Government expenditures 43. In determining GDP by theincome method, it does not include1. Net exports2. Profit3. The percentage4. Rent44. Inflation is defined as...1. The price growth of any goods2. The increase in the average pricelevel over the year3. The change in the price of goodsover the year4. Shortage of goodsIX45. The Sum of GDP and thebalance of primary (net) incomefrom abroad is...1. Disposable income2. Gross national income3. Personal income4. Public wealth

Since you have asked multiple question, we will solve the first question for you. If you want any…

40. The situation where a large number of workers with the same qualifications offer their work to a large number of competing firms in the labor market is called... 1. Completely competitive labor market 2. The monopsony 3. Monopoly 4. Oligopoly

40. The situation where a large number of workers with the same qualifications offer their work to a large number of competing firms in the labor market is called... 1. Completely competitive labor market 2. The monopsony 3. Monopoly 4. Oligopoly

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

40. The situation where a large
number of workers with the same
qualifications offer their work to a
large number of competing firms
in the labor market is called...
1. Completely competitive labor
market
2. The monopsony
3. Monopoly
4. Oligopoly
41. Under what conditions does the
company's profit become
maximum?
1. TR>TC
2. MR > MC
3. TR=TC
4. MR = MC.
42. In determining GDP by the
expenditures it does not include ...
1. Consumer spending
2. Gross private domestic
investment
" 3. Wages of employees
4. Government expenditures

43. In determining GDP by the
income method, it does not include
1. Net exports
2. Profit
3. The percentage
4. Rent
44. Inflation is defined as...
1. The price growth of any goods
2. The increase in the average price
level over the year
3. The change in the price of goods
over the year
4. Shortage of goods
IX
45. The Sum of GDP and the
balance of primary (net) income
from abroad is...
1. Disposable income
2. Gross national income
3. Personal income
4. Public wealth

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