When a new firm begins production in the ________ model, it assumes its demand curve is the market demand less the amount the other firm is selling.
A. price leadership
B. Cournot
C. collusion
D. cartel
Answer: B
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The internet has changed how people shop for clothes, electronics, and other goods. Because of online shopping, many retailers have closed or shut down. How has this affected goods like clothes?
A. The supply of goods like clothes will decrease. B. The demand for goods like clothes will increase. C. The supply of goods like clothes will increase. D. The demand for goods like clothes will decrease.
The basic disadvantage of a proprietorship is unlimited liability.
Answer the following statement true (T) or false (F)
Labor unions
a. prefer to operate in states with right-to-work laws. b. are similar to cartels. c. play a larger role in the current U.S. economy than in European countries such as Norway and Sweden. d. attract a membership of about 25 percent of current U.S. workers.
What are the five economic activities?
(A) Producing, exchanging, consuming, saving, and investing. (B) Developing, exchanging, purchasing, saving, and investing. (C) Manufacturing, trading, consuming, saving, and investing. (D) Farming, trading, purchasing, saving, and investing.