All of these are characteristics of a competitive industry, except:
a. Many substitutes
b. No barriers to entry
c. Homogenous product
d. Little or no information on rivals' products
d
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A (non-price discriminating) monopolist with zero marginal cost but recurring fixed costs may end up not producing even if it would be efficient for him to produce.
Answer the following statement true (T) or false (F)
An increase in nominal gross domestic product necessarily entails an increase in
A) both real output and the price level. B) either real output or the price level (or both). C) real output and employment. D) the price level and employment.
If marginal cost is increasing then: a. marginal product must be increasing
b. average variable cost must be increasing. c. average total cost must be increasing. d. none of the above must necessarily be true.
Economists segment the business cycle into phases and the prosperity phase of the cycle is characterized by
a. high level of real GDP, full employment, and inflation b. high level of real GDP, unemployment, and inflation c. low level of real GDP, full employment, and inflation d. high level of real GDP, full employment, and deflation e. low level of real GDP, unemployment, and deflation