In the long run, any firm may enter or leave a perfectly competitive market.
Answer the following statement true (T) or false (F)
True
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Larger quantities of any good will be supplied at higher prices because
a. consumers will be more satisfied b. higher prices attract resources from other uses c. people are naturally lazy and have to be bribed to give up their leisure d. price and quantity supplied are inversely related e. of the law of decreasing opportunity cost
Voluntary programs are dependable ways to protect the environment.
Answer the following statement true (T) or false (F)
Suppose there are two types of jobs-safe and risky. Safe jobs currently pay $10 per hour. Risky jobs currently pay $20 per hour. The government intervenes in the market, mandating that all firms offer safe jobs and pay a wage of $10 per hour. Which of the following is true?
A. Workers who originally worked risky jobs are helped by the policy. B. Workers who originally worked safe jobs are helped by the policy. C. Firms that originally offered risky jobs are hurt by the policy. D. Firms that originally offered safe jobs are hurt by the policy. E. No one is hurt by the new policy.
Which of the following describes the "invention" of banking?
A) Clergy in the Renaissance created the banking system to help further the growth of the church. B) Goldsmiths in the sixteenth century issued gold receipts which entitled its owners to reclaim their gold on demand. C) The United States government founded the Federal Reserve in 1913. D) The British Empire created a banking system to fund its exploration of the New World. E) Members of the New York Stock Exchange founded the Bank of America in the 1700s.