________ inflation occurs when aggregate demand increases, while ________ occurs when aggregate supply decreases
a. Consumer-push; seller-pull
b. Demand-pull; cost-push
c. Cost-pull; seller-push
d. Supply-pull; cost-push
b
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A sudden discovery of a new, massive source of uranium in New Mexico will likely cause the price of uranium to ________, which will ________ the quantity of uranium demanded by consumers
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Happy Campers is competing in the camping market with Camping R Us. Happy Campers drops its price below its cost and, in doing so, drives Camping R Us out of the market. Once Happy Campers is a monopoly, they raise their price and enjoy economic profit. This is an example of ________.
A) market division B) resale price maintenance C) bid rigging D) predatory pricing
In the long run in perfect competition, no firm can earn a normal profit
a. True b. False
An industry with Herfindahl-Hershman Index of 1,000 would best be described as
A. oligopoly. B. monopoly. C. monopolistic competition. D. perfect competition.