New growth theory argues that
A. growth relies on maintaining lower growth rates of population, especially in less developed countries.
B. technology cannot be looked at as an outside factor without an explanation of what drives it.
C. growth is due to the proper government policies concerning interest rates.
D. technology is the key factor that explains growth but technology is beyond economic explanation itself.
Answer: B
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In long-run equilibrium, compared to a perfectly competitive market, a monopolistically competitive industry produces a ________ level of output and charges a ________ price
A) higher; lower B) lower; higher C) lower; lower D) higher; higher
A firm's decision to expand the size of its production facility would be considered a short-run decision so long as the expansion can be completed in less than a year
Indicate whether the statement is true or false
Which of the following must occur as a result of ceilings on apartment rents that are set below market clearing rental rates?
A) Property owners respond to the ceilings by increasing maintenance and repairs. B) Property owners respond to the ceilings by constructing new apartment buildings. C) There is a decrease in the quantity of apartments that prospective tenants wish to rent. D) There is a decrease in the quantity of apartments that property owners offer for rent.
Input prices fall as entry occurs in an increasing-cost industry.
Answer the following statement true (T) or false (F)