A Competitive Market Is One in Which There

question 46

Multiple Choice

A competitive market is one in which there

• A)is only one seller,but there are many buyers.
• B)are many sellers,and each seller has the ability to set the price of his product.
• C)are many sellers,and they compete with one another in such a way that some sellers are always being forced out of the market.
• D)are so many buyers and so many sellers that each has a negligible impact on the price of the product.

Understand the legal frameworks governing employee rights and employer responsibilities.

Recognize the significance of legislative measures such as the Family and Medical Leave Act (FMLA), Fair Labor Standards Act of 1938, and workers' compensation laws.

Distinguish between different types of employment discrimination and harassment.

Understand concepts related to employment law such as employment at will and vicarious liability.

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Definitions:

Short-Run Phillips Curve

A graphical representation showing the short-term trade-off between inflation and unemployment rates.

Inflation

The rate of increase in the collective pricing for goods and services, lessening consumer purchase strength.

Less Optimistic

Feeling or expressing a lower expectation that good events will occur or that negative events will not happen.

Phillips Curve Diagram

A graphical representation showing the inverse relationship between the rate of inflation and the rate of unemployment in an economy over time.