If a firm has an incentive to increase supply now and decrease supply in the future, then the firm expects that the
A) demand for the product will be lower in the future than it is today.
B) price of its product will be higher in the future than it is today.
C) price of its product will be lower in the future than it is today.
D) price of inputs will be lower in the future than they are today.
C
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Irene’s Dairy is deciding whether or not to enter the market for ice cream, currently monopolized by Mattie’s Ice-cream. If it enters the market, Mattie’s can either accommodate him and share his 10million in profits equally with Irene or fight him and cause a 5million loss for each in a price war. In a sequential game, if Irene decides to enter the market, what would be Mattie’s best response? Accommodate Fight Run away Shut down
a. Shut down b. Fight c. Run away d. Accommodate
If I voluntarily end my employment, the Bureau of Labor Statistics would consider me to be
A) a job loser. B) a job leaver. C) a discouraged worker. D) a reentrant.
What is the distribution of national income currently among the owners of the factors of production-land, labor, capital, and entrepreneurship?
Agriculture is an example of
A. perfect competition. B. oligopoly. C. monopoly. D. monopolistic competition.