The term "path dependence" refers to
a. inefficient outcomes that result from early technology choices that are not optimal in the long run.
b. the tendency for competitive markets to become monopolistic in the long run.
c. inefficient outcomes that result from negative externalities.
d. the natural growth of monopoly when economies of scale exist in a market.
a. inefficient outcomes that result from early technology choices that are not optimal in the long run.
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The Acme Company is a perfect competitor in its input markets and a monopolist in its output market. Its average product of labor is 30, the marginal product of labor is 20, the price of labor is $20, and the price of the output is $5
For Acme Company, the marginal revenue product of labor A) is $100. B) is $150. C) is $400. D) is $600. E) cannot be determined with the information provided.
The most heavily traded American stocks are traded on the
A. New York Stock Exchange. B. American Stock Exchange. C. regional stock markets. D. “third market.”
Country A's overall balance in the balance of payments equals the:
a. Current account minus the capital account. b. Reserves account minus the current account. c. Reserves account plus the financial account plus the current account. d. Reserves account plus the financial/capital account. e. Zero when central banks do not intervene in the foreign exchange market.
An excess supply of money is eliminated by a falling price level
a. True b. False Indicate whether the statement is true or false