Which of the following will most likely be an unanticipated economic change?
What will be an ideal response?
higher oil prices resulting from a revolution in an oil-exporting country
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Monopolistically competitive firms have monopoly power because they
A) face downward sloping demand curves. B) are great in number. C) have freedom of entry. D) are free to advertise.
The demand curve for investment in the economy as a function of interest rates is:
a. vertical. b. horizontal. c. upward sloping. d. downward sloping. e. elliptical.
The Antitrust Division of the Department of Justice carefully scrutinizes mergers. Why?
What will be an ideal response?
In a price-taker market, the short-run market supply curve is the
a. vertical sum of the marginal cost curves of all firms in the market. b. vertical sum of the average variable cost curves of all firms. c. horizontal sum of the marginal cost curves of all firms so long as price exceeds average variable cost. d. horizontal sum of the average total cost curves of all the firms in the market so long as average total cost exceeds the market price.