An indifference curve represents bundles of goods that a consumer
A) views as equally desirable.
B) ranks from most preferred to least preferred.
C) refers to any other bundle of goods.
D) All of the above.
A
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In a 20-firm industry, two of the smallest firms merge. Yet the 4-firm concentration ratio and the 8-firm concentration ratio did not change. All things considered, we can say that the industry has
A) moved closer to pure competition because the number of firms decreased. B) moved farther away from competition because the number of firms decreased. C) experienced no change in competition even though the number of firms decreased. D) to be identified first; otherwise there is no way to tell.
If a 1 percent increase in price leads to a .7 percent increase in quantity supplied in the short run, the short-run supply curve is
a. elastic. b. inelastic. c. unit elastic. d. perfectly inelastic.
The following are examples of final goods in national income accounting, except:
A. Lumber and steel beams purchased by a construction company B. Tractor purchased by a construction company C. Laptop computer purchased by an executive for personal use D. Desktop computer purchased by an executive for business use
The unemployment rate is the
A) percentage of employed people that does not have a job. B) number of unemployed people. C) percentage of the working-age population that does not have a job. D) percentage of the labor force that does not have a job. E) percentage of the population that does not have a job.