The process by which monopoly profits lead to technological progress in known as
A) economies of scale. B) destructive creation.
C) imperfect competition. D) creative destruction.
D
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Which of the following is the most likely explanation for inflation in the United States?
A) decreases in aggregate demand B) decreases in aggregate supply C) increases in aggregate demand D) increases in aggregate supply
A preference for policies that place limits on trade is called:
A. liberalization. B. free trade. C. protectionism. D. autarky.
The marginal product is the slope of the:
a. marginal cost curve. b. total cost curve. c. total product curve. d. long-run average total cost curve
Recall the Application about the price competition between satellite and cable TV services to answer the following question(s).According to the Application, the reason why the consumer surplus still increases as cable prices rise after satellite TV service is introduced in an area with cable TV service, is:
A. the quality of services improves and is larger than the increase in the price of cable services. B. the quality of services improves and is smaller than the increase in the price of cable services. C. the tax revenues that the government receives is larger than the price increase. D. the tax revenues that the government receives is smaller than the price increase.