The entry of new firms into an industry will very likely
a. shift the industry supply curve to the right.
b. cause the market price to fall.
c. reduce the profits of existing firms in the industry.
d. All of the above are correct.
d
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If the demand curve for bologna shifts to the right as income falls then bologna is a(n):
A. inferior good. B. complementary good. C. normal good. D. substitute good.
A standard that identifies a pollution limit to be achieved without defining the technology to be used is called a(n)
a. ambient standard c. technology-based standard b. performance-based standard d. efficient standard
A strategy is called a mixed strategy if it involves choosing ________
A) one particular action for a situation B) different actions randomly C) an action that yields a higher payoff to the opponent D) an action that yields zero payoff to the player
The benefits to trading nations based on comparative advantage accrue from
A. specialization and trading. B. trading only. C. specialization only. D. protection of domestic industries.