People are forced to economize because of
A. competition.
B. pressure to conform.
C. scarcity.
D. the absence of money.
C. scarcity.
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Which of the following makes a firm's resources hard to imitate?
a. They don't flow from the firm's unique history b. The link between resources and advantages is difficult to discern c. They aren't socially complex d. All of the above
The Clayton Antitrust Act
a. was opposed by labor unions. b. defended monopolies. c. outlawed price discrimination. d. never went into effect.
Recall the Application about finding estimates of elasticities of demand to answer the following question(s).According to the Application, the regular price elasticities of demand found at www.ers.usda.gov are reported as:
A. positive numbers. B. negative numbers. C. dollars per unit of foreign currency. D. foreign currency units per dollar.
A purely competitive firm is in short-run equilibrium and its MC exceeds its ATC. It can be concluded that:
A. this is an increasing-cost industry. B. the firm is realizing a loss. C. the firm is realizing an economic profit. D. firms will leave the industry in the long run.