In general, all markets equilibrate at the same speed
Indicate whether the statement is true or false
False
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Consider the market for wheat. If there is an improvement in harvesting technology,
A) the demand curve for wheat shifts rightward. B) the demand curve for wheat shifts leftward. C) there is a movement up along the demand curve. D) the supply curve for wheat shifts rightward. E) the equilibrium price rises.
A decrease in the labor force shifts the production possibilities frontier inwards over time
Indicate whether the statement is true or false
Of all barriers to entry, the most important are those that are due to
A) economies of scale. B) government-imposed barriers. C) the Herfindahl-Hirschman Index. D) ownership of a key input.
If a monopoly firm sells to competitive distributors and the distributors have a constant marginal cost of $2 and they are paying the profit-maximizing wholesale price of $8, what is the retail price of the product?
A) $6 B) $8 C) $2 D) $10