For there to be demand for a good, people must
A. want the good more than they want other goods.
B. know the prices of all other goods.
C. feel there are few substitutes for the good.
D. be willing and able to buy the good at the market price
D. be willing and able to buy the good at the market price
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Describe the differences between the growth rates of real personal consumption and real gross private investment in the United States
What will be an ideal response?
Excess capacity is defined as the difference between a firm's maximum possible output and its actual output
a. True b. False
If tariffs are decreased, the long-run effect is most likely to be
a. a decrease in both U.S. imports and exports.
b. an increase in both U.S. imports and exports.
c. a decrease in U.S. imports and an increase in U.S. exports.
d. an increase in U.S. imports and a decrease in U.S. exports
All of the following are considered a barrier to entry into a market EXCEPT
A) ownership of resources without close substitutes. B) when firms can only earn a normal rate of return in a market. C) economies of scale. D) governmental restrictions on a firm's ability enter a market.