The fast-food industry in the U.S. consists of many firms, but despite that it can still be viewed as an oligopoly because the top few firms control a significant share of the market
Indicate whether the statement is true or false
TRUE
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Demand is price-elastic at the top portion of a straight-line downward-sloping demand curve
a. True b. False Indicate whether the statement is true or false
In the circular flow model of the economy, the resource market is where
a. consumers purchase consumer goods and services b. firms purchase goods and services c. consumers supply goods and services d. firms purchase labor, land, and capital e. consumers purchase labor and capital
The demand for union labor is usually determined by
a. the number of union members. b. the strength of the union. c. the total value of the union labor in the production process. d. market conditions outside the union's direct control.
Economists speaking like scientists make
a. normative statements. b. prescriptive statements. c. claims about how the world is. d. claims about how the world should be.