In Japan in 2000 the price level fell by 5 percent and the money wage rate did not change. As a result, there was a
A) movement down along Japan's short-run aggregate demand curve.
B) movement down along Japan's short-run aggregate supply curve.
C) rightward shift in Japan's short-run aggregate supply curve.
D) movement down along Japan's long-run aggregate supply curve.
B
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A natural monopoly is defined as an industry in which one firm
A. can produce the entire industry output at a lower average cost than a larger number of firms could. B. can produce the entire industry output at a lower marginal cost than a larger number of firms could. C. is very large relative to other firms that could enter the industry. D. can earn higher profits if it is the only firm in the industry rather than if other firms also enter the industry.
Define and distinguish between real and nominal GDP. Explain why the distinction is important to economists
Which of the following is an example of a barrier to entry?
(A) Government deregulation (B) Low start-up costs (C) Perfect competition (D) High start-up costs
Recall the Application about the wireless phone service provided by thousands of entrepreneurial women in Pakistan to answer the following question(s).Recall the Application. What makes the wireless telephone market in Pakistan perfectly competitive?
A. There are many buyers and many sellers B. Any entrepreneur who invests $310 can enter the market. C. Wireless phone calls are a standardized product. D. All of these are correct.