The textbook says that which of the following is among the key forces shaping today's economy?
A. Technological change
B. Labor unions
C. Changing consumer confidence
D. Government regulations
Answer: A
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The physical or perceived differences between goods in a market that makes them close, but not perfect, substitutes are called
a. complementary goods b. substitute goods c. natural differentiation d. oligopolistic differentiation e. product differentiation
Exhibit 8-6 A firm's cost and MC curves
In Exhibit 8-6, if this firm is currently producing 20 units of output, this firm is
A. earning a profit of $10. B. earning a profit of $.50. C. losing $10. D. losing $0.50.
In which of the following instances will total revenue decline?
A. Price rises and supply is elastic. B. Price falls and demand is elastic. C. Price rises and demand is inelastic. D. Price rises and demand is elastic.
Which of the following statements is FALSE?
A) An unregulated, profit-maximizing monopolist will not operate in the inelastic portion of the demand curve. B) The marginal revenue earned by a monopolist will always be less than the product's price. C) Typically there are numerous very close substitutes for the product of a monopolist. D) For a profit-maximizing monopolist, marginal revenue equals marginal cost.