As the number of firms in a market increases, the supply curve will shift to the right and the equilibrium quantity will rise
Indicate whether the statement is true or false
TRUE
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The real business cycle model begins with the assumption that ________
A) wages and prices are sticky B) wages and prices are completely flexible C) the velocity of money is a constant D) nominal variables are superior to real variables in describing economic activity
The successful introduction and adoption of a new product or process is called
a. invention. b. innovation. c. economies of scale. d. economic growth.
Table 14.1Table 14.1 represents 3 markets for used computers. Which of the markets in Table 14.1 are in equilibrium?
A. 1 only B. 2 only C. 3 only D. 2 and 3
Which of the following statements explains when a natural monopoly occurs?
A) Diseconomies of scale occur as ATC decreases over a wide range of output. B) A monopoly owns or controls a resource necessary to produce the product. C) Economies of scale occur as ATC decreases over a wide range of output. D) Economies of scale are obtained from constant costs over a wide range of output.