Considering the spectrum of market structures and moving from pure competition to pure monopoly we can say that
A) entry barriers get lower but exit gets more difficult.
B) entry becomes harder but exit becomes easier.
C) entry gets harder and the number of firms dwindles.
D) none of the above.
C
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The equilibrium or market clearing price occurs at the point at which
A) quantity demanded equals quantity supplied. B) the supply curve intersects the horizontal axis. C) the demand curve intersects the vertical axis. D) there is a shortage of the desired good.
The long-run equilibrium price level is the price level the economy is expected to reach when the
a. economy produces its potential output b. Fed has stabilized interest rates c. federal budget is balanced d. discount rate equals the prime rate e. inflation rate is zero
The slope of a horizontal line is infinite, and the slope of a vertical line is zero
a. True b. False Indicate whether the statement is true or false
In the 1990s, our productivity grew by about ____ percent.
A. 16 B. 21 C. 32 D. 38