Which of the following statements regarding the trucking industry is correct?
A) The recession of 2007 -2009 caused many trucking firms to exit with many firms filing for bankruptcy.
B) The trucking industry most closely resembles an oligopoly.
C) Even though there is a high degree of competition, firms in the trucking industry are able to sustain positive economic profits as a result of a substantial degree of product differentiation.
D) The trucking industry was largely unaffected by the recession of 2007-2009 mainly because the industry is comprised by large firms with significant market power.
A
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The measure used to determine whether two products are complements or substitutes is called the
A) price elasticity of supply. B) cross elasticity of demand. C) price elasticity of demand. D) income elasticity. E) substitute elasticity of demand.
The demand curve is a graphic representation of:
a. the relationship between price and quantity supplied of a certain good or service. b. the relationship between price and quantity demanded of a certain good or service. c. the relationship between supply and demand for a certain good or service. d. the relationship between productivity and quantity demanded of a certain good or service.
Should banks practice inflation-targeting? Give reasons to support your answer
Which of the following is most likely sold in a monopolistically competitive market?
a. wheat b. cable TV programming c. a share of McDonald's stock d. sunglasses