The entry of new firms into a competitive market will
a. increase market supply and increase market prices.
b. increase market supply and decrease market prices.
c. decrease market supply and increase market prices.
d. decrease market supply and decrease market prices.
B
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Which of the following could not be expected to shift the aggregate demand curve?
a. Net exports fall. b. Consumption spending decreases. c. An increase in government spending. d. A change in real GDP.
Which of the following best describes the effects of unions in the United States today?
A) The average union worker works more hours but earns a lower annual income than the average nonunion worker. B) The average union worker works fewer hours but earns a higher annual income than the average nonunion worker. C) The average union worker works more hours and earns a higher annual income than the average nonunion worker. D) The average union worker works fewer hours and earns a lower annual income than the average nonunion worker.
For the 1952-2014 period in the United States, productivity
A. showed the largest increase during the 1980s. B. fluctuated in the short run around an upward trend. C. increased at a constant rate. D. decreased during the 1960s.
Which statement is correct?
A. Farmers fared considerably better than most other economic groups during the Great Depression B. Farmers typically sell their products in highly competitive markets and buy in imperfectly competitive markets C. The principal beneficiaries of government farm subsidies have been the very-low-income farmers D. The use of price supports has accelerated the exodus of resources from agriculture