The price of services at Urban General falls by 10 percent.
a. Quantity demanded increases by 1.5 percent.
b. Quantity demanded falls by 5.0 percent.
c. Quantity demanded increases by 15.0 percent.
d. Quantity demanded falls by 2.5 percent.
e. Quantity demanded rises by 5.0 percent.
a. Quantity demanded increases by 1.5 percent.
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Which of the following is not a technical barrier to entry in a monopolized market?
a. A patent b. Decreasing average cost c. A low cost method of production known only by monopolists d. Increasing returns to scale
Protectionism is
a. the belief that a nation's industries should be protected from foreign competition b. the belief that a nation's consumers should be protected from foreign competition c. based on the idea that economies of scale are important d. consistent with absolute advantage, but not with comparative advantage e. the favored approach of pro-trade groups
During the recession of 2007–2008 in the United States, _____
a. the unemployment rate for men was higher than for women b. the unemployment rate for women was higher than for men c. the frictional unemployment rate was very low d. the structural unemployment rate for women was very high
The substitution effect causes a consumer to buy less of a product when the price increases because the
A. product is now less expensive compared to similar products B. product is now more expensive compared to similar products C. consumer's real income has decreased D. Consumer's real income has increased E.. consumer will buy more inferior goods and fewer normal goods