If a firm faces ______, while the prices for the output the firm produces remain unchanged, a firm’s profits will increase
a. higher demand
b. lower costs of production
c. equilibrium
d. a shift in demand
Answer: b. lower costs of production
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Which of the following statements is generally true?
A) Rivalry is less the larger the number of firms in an industry. B) The smaller the number of firms in an industry, the greater the rivalry. C) The degree of rivalry in an industry is largely independent of the number of firms. D) The larger the number of firms in an industry, the greater the rivalry.
Industrial growth and location changed while manufacturing employment rose in the Sun Belt and fell in the Frost Belt
This growth and relocation were primarily due to the relocation of plants, functions and people moving from the Frost Belt to the Sun Belt. Indicate whether the statement is true or false
The combined use of statistics, economic theory, mathematics, and "real world" data is referred to as
a. microeconomics b. econometrics c. macroeconomics d. positive economics e. normative economics
Which of the following correctly describes the effects of a decrease in net taxes?
What will be an ideal response?