Monopoly profits cannot persist in the long run, because there are barriers to entry
a. True
b. False
Indicate whether the statement is true or false
False
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Intermediate goods and services are ________ production and ________ counted in GDP.
A. used up in the process of; are B. the end products of; are not C. the end products of; are D. used up in the process of; are not
Turning points in business cycles occur when
A) a new business cycle is initiated at the trough. B) the economy hits the peak or trough in the business cycle. C) the business cycle begins to follow a new pattern that differs from previous business cycles. D) a new business cycle is initiated at the peak.
Agents hire principals
Indicate whether the statement is true or false
The model of perfect competition cannot be fruitfully used to analyze markets that don't perfectly fit the description of this market type
a. True. b. False.