A grocery store shows the influence of competition when
a. no brands of peanut butter are on the store shelf
b. one brand of peanut butter is on the store shelf
c. two brands of peanut butter with the same price are on the store shelf
d. two brands of peanut butter with different prices are on the store shelf
Ans: d. two brands of peanut butter with different prices are on the store shelf
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Indicate whether the statement is true or false
A weakness in the classical economic claim that a recession is caused by a decrease in labor demand curve is
a. that labor demand never changes b. that labor demand increases during a recession c. that labor supply decreases during a recession d. the confusion between a shift of the labor demand curve and a movement along that curve e. the impossibility in the classical model of total spending ever being deficient
A new domestic industry with potential economies of scale is called a(n):
A) potential business entrant. B) immature industry. C) infant industry. D) highly valued entrant.
A budget constraint
A) represents the bundles of consumption that make a consumer equally happy. B) refers to the limited amount of income available to consumers to spend on goods and services. C) reflects the desire by consumers to increase their income. D) shows the prices that a consumer chooses to pay for products he consumes.