The bursting of the __________ market was largely responsible for setting off the Great Recession.
Fill in the blank(s) with the appropriate word(s).
housing
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If the percentage change in quantity demanded is greater than the percentage change in price, we would say that over this range, demand is:
A) elastic. B) unit elastic. C) inelastic. D) perfectly inelastic.
Perfectly competitive firms ____ earn zero economic profit in long-run equilibrium because ____.
A. always; firms in perfectly competitive industries always maximize output and so flood the market until the equilibrium price of output is driven to zero B. sometimes; the demand curve for an individual perfectly competitive firm may or may not cross the company’s long-run average total cost curve at its lowest point C. always; firms enter whenever their economic profit is positive and exit whenever it’s negative, so in long-run equilibrium economic profit must always be zero D. never; no firm would be willing to produce if it received zero economic profit
Goods with many substitutes tend to have more price elastic demand curves
Indicate whether the statement is true or false
Which of the following refers to dumping?
A. Restricting the sale of domestic goods within the geographic boundary of the country. B. Selling domestic goods in the international market at much lower prices. C. Selling domestic goods of inferior quality in the international markets at higher prices. D. Selling domestic goods at discounted prices to local consumers and selling the same at much higher prices to foreign consumers.