Which of the following DOES NOT contribute to the market power of a firm?
A) number of available substitutes
B) the color of the product
C) legal protections
D) the number of firms in the market
B
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Can positive economic profits persist under monopolistic competition in the long run. Why?
What will be an ideal response?
In 2004, the federal government of Happy Isle has tax returns of $1 million, and spent $500,000 on transfer payments, $250,000 on goods and services and $300,000 on debt interest. In 2004, the government of Happy Isle has a...
What will be an ideal response?
Use the above figure. When the budget line rotates from "c" to "b"
A. fewer units of J and more units of K will be purchased. B. more units of J and more units of K will be purchased. C. more units of J and fewer units of K will be purchased. D. fewer units of J and fewer units of K will be purchased.
Normative economics questions "What ought to be?" Positive economics predicts the consequences of alternative actions, answering the questions "What is?" or "What will be?"
Answer the following statement true (T) or false (F)