Measuring the rate of inflation is primarily a concern of:

Probability

A) is a number between 0 and 1, inclusive. B) indicates how likely an outcome is to occur. C) is larger the more likely the event is to occur. D) All of the above.

For a given supply curve, an increase in demand will typically

a. increase price, but quantity could change in either direction b. increase quantity, but price could change in either direction c. increase price but leave quantity unchanged d. decrease both quantity and price e. increase both quantity and price

Natural monopolies form when

a. small firms merge to form larger firms b. one firm has control over the entire supply of a basic input required to produce the product c. one firm's monopoly position is created and enforced by the government d. one firm receives patent protection for certain basic production processes e. long-run average cost declines as a firm expands output

Sellers in a perfectly competitive market are powerless to affect the market price of their product.

Answer the following statement true (T) or false (F)