Which statement is true?
A. American industry is very competitive.
B. There is no competition in American industry.
C. In order to have competition you need to have many firms in an industry.
D. The electrical and natural gas industries are good examples of competition at work.
C. In order to have competition you need to have many firms in an industry.
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Beef and leather belts are complements in production. If people's concern about health shifts the demand curve for beef leftward, the result in the market for leather belts will be a
A) lower equilibrium price for a leather belt because there is an increase in the supply of leather belts. B) lower equilibrium price for a leather belt because there is a decrease in the supply of leather belts. C) higher equilibrium price for a leather belt because there is a decrease in the supply of leather belts. D) higher equilibrium price for a leather belt because there is an increase in the supply of leather belts.
When property rights are assigned and transactions costs are low
A) all costs and benefits are taken into account by the transacting parties so the transaction is efficient. B) externalities will lead to market failure. C) the marginal social benefit curve shifts leftward. D) the marginal social cost curve shifts rightward.
During business contractions, the growth rate of Solow residuals is ________
A) near or below zero B) well above zero C) approaching infinity D) impossible to calculate
A production goal may be set too high by upper management because
a. they are unsure about the actual costs of production b. they under-estimate the difficulty of meeting a goal c. division managers over-state the difficulty of meeting the goal d. all of the above