As the price elasticity of demand for a particular good decreases, the corresponding Lerner Index, and hence the amount of market power attributed to the firm that produces the product in question, decreases as well
Indicate whether the statement is true or false
FALSE
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The short-run equilibrium output of a competitive firm is found by equating marginal cost with price.
Answer the following statement true (T) or false (F)
Which of the following is not an argument in favor of inward-oriented strategies?
a. A newly developing economy needs protection from foreign competition. b. Government restrictions are necessary to maximize the rate of economic growth. c. Deteriorating prices of primary products in relation to manufactured goods expose developing countries to increasingly unfavorable terms of trade. d. Developing countries should compete on the basis of comparative advantage. e. Economic growth requires rapid industrialization and a shift away from primary products.
The __________ of the mentally ill over the last two and a half decades, without the promised halfway houses to treat and shelter them has added to the ________________.
Fill in the blank(s) with the appropriate word(s).
If you earn an additional $200 in disposable income one week for feeding your neighbor's ferret
A. the total of your consumption and saving will increase by $200. B. the total of your consumption and saving will increase by more than $200. C. the total of your consumption and saving will increase by less than $200. D. your consumption will increase by more than $200, even if your MPS is 0.1.