According to Shepherd's study of U.S. industries, the share of effectively competitive industries reflected a sharp increase between 1958 and 2000
Indicate whether the statement is true or false
true
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Why is persistent unemployment a possibility in the Keynesian model but NOT in the classical model?
A) The Keynesian model assumes that people work for motives other than those of earning an income for themselves and supporting a family. B) The Keynesian model assumes that workers can lose their jobs to foreign competition during economic downturns. C) The Keynesian model assumes that the level of real GDP is inflexible. D) The Keynesian model assumes that nominal wages are inflexible downward.
In the long run, the real interest rate is 3 percent, real GDP grows at 4 percent, velocity is constant, and the quantity of money grows at 6 percent. The nominal interest rate is
A) 3 percent. B) 10 percent. C) 5 percent. D) 6 percent. E) 4 percent.
The figure above shows the marginal social cost of generating electricity and the marginal private cost. For 4 billion kilowatts, what is the marginal external cost?
A) $0.12 B) $0.08 C) $0.04 D) $0.00 E) $0.20
In perfect competition
A) many firms sell slightly different products to many buyers. B) sellers are better informed about the prices than buyers. C) firms face no restrictions on entry into market. D) established firms have advantage over new ones.