According to Kuznets (1954), competition will
(a) unfairly destroy leading industries and impede overall economic growth across industries.
(b) require government intervention.
(c) push efficient industries into leadership roles and pull the backward and forward industrial links to these leaders with them.
(d) contract consumer market opportunities.
(c)
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The strength of the demand for a resource depends on the following factors, except
A. supply of the resource. B. demand for the product the resource helps to produce. C. productivity of the resource. D. price of the product the resource helps to produce.
The more firms are present in a market, the:
A. more competition is likely to be present. B. less competition is likely to be present. C. more like a monopoly it will behave. D. more collusion is likely to occur.
Which statement is true?
A. The United States is usually inside our production possibilities curve. B. The United States is usually outside our production possibilities curve. C. The United States is usually on our production possibilities curve. D. None of the statements are true.
Refer to Figure 23.6 for a perfectly competitive firm. Given the current market price, we expect to see
A. Firms exit from the industry, driving down the market price. B. Firms enter the industry, driving down the market price. C. Firms exit from the industry, driving up the market price. D. No change in the number of firms in the industry and no change in the market price.