Input prices fall as entry occurs in an increasing-cost industry.
Answer the following statement true (T) or false (F)
False
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A monopoly that price discriminates ______
A. benefits buyers because it offers the good at a variety of prices B. gains because it converts consumer surplus to economic profit C. uses resources more efficiently than would a competitive market D. enables buyers to maximize their consumer surplus
Suppose a developing country receives more machinery and capital equipment as foreign entrepreneurs increase the amount of investment in the economy. As a result
A) the economy will move up along the long-run aggregate supply curve. B) the long-run aggregate supply curve will shift to the left. C) the long-run aggregate supply curve will shift to the right. D) the economy will move down along the long-run aggregate supply curve.
As nonunion construction workers replace a unionized work force, the average wage in the construction sector is likely to rise
Indicate whether the statement is true or false
Regarding structural deficits, which of the following assertions is true?
A. The structural deficit depends on the state of the economy. B. The structural deficit is based on actual expenditures and receipts. C. The structural deficit changes only when policy changes. D. The structural deficit changes when GDP changes.