Compared to IACs, LDCs are often characterized by:
a. lower adult literacy.
b. lower per capita energy consumption.
c. lower life expectancy.
d. All of the answers are correct.
d
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When plasma television sets were first introduced prices were high and few firms were in the market. Later, economic profits attracted new firms and the price of plasma televisions fell. This example illustrates
A) that consumers receive this new technology "free of charge" in the sense that they only have to pay a price for plasma televisions equal to the lowest production cost. B) a decreasing-cost industry. C) an industry with a low minimum efficient scale. D) how fickle consumer demands are.
A period during which GDP exceeds its potential level is best known as a(n)
a. expansion b. contraction c. boom d. recession e. depression
If the United States produces only corn and Mexico produces only oil, the price of oil, in terms of bushels of corn,
a. can be no higher than the opportunity cost of oil in the United States b. must be higher than the opportunity cost of oil in the United States c. can be no higher than the opportunity cost of corn in the United States d. can be no lower than the opportunity cost of oil in Mexico e. must be higher than the opportunity cost of oil in Mexico
Oligopoly and monopolistic competition can be described as industries where firms
a. have high barriers to entry b. produce identical goods c. are located near each other d. produce close substitutes e. aspire to become perfect competitors