Keynesian theory
A. established the validity of Say's Law.
B. Assumes that supply creates its own demand.
C. is primarily demand-oriented.
D. assigns much importance to aggregate supply and the average price level.
C. is primarily demand-oriented.
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One major barrier to entry under pure monopoly arises from ________.
A. the availability of close substitutes for a product. B. the price taking ability of the monopoly. C. diseconomies of scale. D. the cost of the infrastructure needed to produce.
Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. In this case, the property rights belong to
A) Angus. B) Dudley. C) no one. D) both Angus and Dudley.
A grocery shopper considers "eliminating" the middleman. What might she do?
A) Raise her own cows, slaughter them, and butcher her own meat. B) Grow her own wheat, mill it into flour, and bake her own bread. C) Build her own fishing boat and begin halibut fishing. D) All of the above.
If a merger allows managers to reduce duplicate operations, the merger ________.
A) created synergies B) eliminated the hold-up problem C) created technological interdependencies D) created managerial diseconomies