Intense competition in a market will generally lead to
What will be an ideal response?
improvements in the quality of the good or service available to consumers.
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As the economy turns the corner into a recession, the level of unplanned inventories ________ and firms ________ production
A) increases; do not change B) decreases; begin to decrease C) increases; begin to decrease D) decreases; begin to increase E) increases; begin to increase
The market for apples is an example of ________
A) perfect competition B) monopolistic competition C) monopoly D) oligopoly
If a country had a nominal GDP of $753 million, and the GDP deflator was 90, what is the real GDP?
a. $685 million b. $828 million c. $836 million d. $863 million
Natural rate of unemployment is considered to be the sum of:
a. seasonal and structural rates of unemployment. b. frictional and structural rates of unemployment. c. seasonal and cyclical rates of unemployment. d. frictional and cyclical rates of unemployment.