If a market is not subject to large, frequent shifts in demand,
a. firms will have a tendency to lower prices to increase market share
b. the market will have few firms
c. prices will approach equilibrium very slowly
d. price leadership will rarely occur
e. cheating on collusive agreements is more difficult
E
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Which of these variables remains exogenous throughout Chapter 3?
A) the interest rate B) investment C) price level D) all of the above
In the short run, the firm's break-even point is:
a. the minimum point of the firm's demand curve. b. the minimum point of the firm's average-total-cost curve. c. the minimum point of the firm's average-variable-cost curve. d. the minimum point of the firm's marginal-cost curve. e. the minimum point on the average-fixed-cost curve.
In a nation with a market economy, the consumer decides which products will be successful.
a. true b. false
Which of the following lists correctly orders assets from most liquid to least liquid?
A. Paper currency, savings deposits, stocks, house B. Stocks, house, paper currency, savings deposits C. Savings deposits, paper currency, house, stocks D. Stocks, paper currency, house, savings deposits