Over the past 110 years, real GDP per person in the United States has grown at an average rate of about ________ per year
A) 1 percent
B) 2 percent
C) 5 percent
D) 10 percent
E) 7.5 percent
B
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The network effect in the TV broadcasting industry results in
A) a positive market feedback between the number of advertisers and the size of TV audience. B) a negative market feedback between the number of advertisers and the size of TV audience. C) a positive market feedback between the number of advertisers and the number of TV channels. D) a negative market feedback between the number of advertisers and the number of TV channels.
Exhibit 4-6 Demand and supply curves
If the market demand and supply curves shift as given in Exhibit 4-6, the resulting new equilibrium will show a(n):
A. increase in market price and a decrease in the quantity exchanged. B. decrease in market price and a decrease in the quantity exchanged. C. increase in market price and an increase in the quantity exchanged. D. decrease in market price and an increase in the quantity exchanged.
Why does the model of perfect competition imply that there will be an efficient allocation of resources among firms?
What will be an ideal response?
In the long run, firms can vary all inputs in the production process
a. True b. False Indicate whether the statement is true or false