If you want to fly to Los Angeles, a place most airlines fly in and out of, the airline industry is likely _____, but if you want to fly to a small town in Texas, where only one airline flies, the airline industry is likely _____.
A.) Competitive; duopolistic
B.) Competitive; monopolistic
C.) Monopolistic; competitive
D.) Monopolistic; oligopolistic
B.) Competitive; monopolistic
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A factory in Techland could not sell 20% of its output during a certain year due to a decrease in demand for its product. Which of the following would have happened if it produced 20% less?
A) Techland's GDP would have been higher. B) Techland's GDP would have been lower. C) Techland's trade deficit would have been less. D) Techland's GDP would have remained the same.
"The marginal social cost of burning garbage in Houston is the sum of the marginal private cost and the marginal external cost." Is this assertion correct or incorrect?
What will be an ideal response?
Capital investment becomes more profitable for a business firm as the real interest rate decreases.
Answer the following statement true (T) or false (F)
An equation that captures how inputs of production are related to output is called a:
A. GDP deflator. B. consumption function. C. production function. D. saving function