Average growth rates of per capita income were close to zero, on average, prior to the Industrial Revolution.
Answer the following statement true (T) or false (F)
True
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Firms have tried a number of different strategies to reduce the negative effects of competition on their ability to earn economic profits
Which of the following strategies is most desirable from the viewpoint of economic efficiency and consumer well being? A) Collusion. B) Price leadership. C) Formation of cartels. D) Investment in research and development.
Scarcity results when available resources cannot satisfy all desired uses of those resources.
Answer the following statement true (T) or false (F)
If all of the restaurants in a small town colluded and agreed to raise dinner prices, this would lead to a loss to society because
A. some dinners that could be served would not be served. B. collusion is illegal. C. the restaurants would become too crowded with new customers. D. the number of dinners served stays the same, but the buyers face higher prices.
When the aggregate supply curve is ________ the price of factors of production is fixed, with little or no upward pressure on price.
A. upward sloping B. vertical C. horizontal D. downward sloping