A price floor set below the equilibrium price will result in a surplus
a. True
b. False
B
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When it takes one firm in an industry to produce the quantity necessary to realize low unit costs, the industry
A) experiences economies of scale. B) has barriers to entry due to ownership of resources. C) has no barrier to entry. D) has a license granted by the government.
Consumers who are loyal to a brand will purchase products under that brand name even if their prices are above other competing brands
a. True b. False Indicate whether the statement is true or false
United States’ economic activity is responsible for what percentage of worldwide shipping volume?
a. 20 percent b. 43 percent c. 28 percent d. 50 percent
Final consumer demand for poultry in the US increases (shifts to the right) if
a) consumer income decreases b) the price of chicken decreases c) the price of beef increases d) the price of pork decreases