Stagflation is a combination of ________ real GDP and a ________ price level
A) decreasing; falling
B) decreasing; rising
C) increasing; rising
D) no change in; rising
E) increasing; falling
B
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The table above lists the market shares of the twenty makers of personal computers. Based upon the Herfindahl-Hirschman Index for this industry, the Justice Department would
A) regard the industry as highly concentrated. B) be against any two firms merging. C) consider the market oligopolistic. D) regard the industry as competitive.
Opportunity cost is the
A. cost incurred when one fails to take advantage of an opportunity. B. cost incurred in order to increase the availability of attractive opportunities. C. cost of the best option forgone as a result of choosing an alternative. D. drudgery of the undesirable aspects of an option.
In reality, the long-run supply curve for a perfectly competitive market is upward sloping because:
A. of changing costs of production that firms may face. B. experienced firms will have different information and costs than new firms. C. not all firms have identical cost structures. D. All of these are true.
Which tools allow economists to determine if the allocation of resources determined by free markets is desirable?
a. profits and costs to firms b. consumer and producer surplus c. the equilibrium price and quantity d. incomes of and prices paid by buyers