Control of a scarce resource or input can serve as an entry barrier.
Answer the following statement true (T) or false (F)
True
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Inflation is the increase in:
A. imports relative to exports. B. total output per worker. C. total output. D. the general level of prices.
If the real wage is equal to 8 widgets, and only an integer number of workers can be hired, the Gizmo company should hire
A) 2 workers. B) 3 workers. C) 4 workers. D) 5 workers.
The above figure shows the payoff to two firms in an industry deciding to make an investment in worker safety. The Nash equilibrium
A) is for just one of the firms to make the investment. B) is for both firms to make the investment. C) is for neither firm to make the investment. D) does not exist.
Suppose your $50,000 certificate of deposit matures and you transfer the funds to your checking account. This causes
A) M1 to decrease by $50,000 and M2 to increase by $50,000. B) M1 to increase by $50,000 and M2 to remain the same. C) both M1 and M2 to increase by $50,000. D) no change to either M1 or M2.