Barriers to entry reduce the likelihood that price-setter firms will see their positive economic profits competed away over time
Indicate whether the statement is true or false
TRUE
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Which of the following equations is correct?
A) rate of growth of per capita real GDP = rate of growth in real GDP - rate of growth of population B) rate of growth of per capita real GDP = rate of growth in real GDP + rate of growth of population C) rate of growth in real GDP = rate of growth of per capita real GDP - rate of growth of population D) rate of growth in real GDP = rate of growth of per capita real GDP + rate of growth of population
As a group, oligopolists would always be better off if they would act collectively
a. as if they were each seeking to maximize their own individual profits. b. in a manner that would prohibit collusive agreements. c. as a single monopolist. d. as a single perfectly competitive firm.
Suppose that when the price of donuts rises 10%, the quantity demanded of donuts falls 3%. Based on this information, what is the approximate absolute price elasticity of demand for donuts?
A) 3.33 B) 0.3 C) 30 D) 1.3
Refer to the provided graph. Minimum efficient scale occurs at
A) Q3. B) Q2. C) Q1. D) Q4.