According to the paradox of thrift, the more people try to save, the more income falls, leaving them with no more, and possibly less, income
Indicate whether the statement is true or false
T
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A competitive market structure differs from the monopoly, oligopoly, and monopolistic competition structures in the
A) producers' ability to set price. B) profit maximization condition. C) amount of long run profit. D) entry conditions.
Which real-world market most closely approximates perfect competition?
a. the stock market b. automobiles c. higher education d. cable television services e. retail clothing stores
If an oligopolist cuts the prices of its products,
A. customers will switch to a rival firm. B. customers will remain unchanged in number. C. customers will switch from rival firms to buy from them. D. rival firms will not react.
If a nation lacks abundant natural resources, it ______.
a. still faces the same challenges as a nation with abundant natural resources b. cannot achieve sustained economic growth c. will likely have a difficult time during its initial development d. must increase the size of its population to achieve economic growth