If M is 2,000, Q is 1,000, and P = 6, then V
A. Is 2.
B. Is 3.
C. Is 6.
D. Is 12.
B. Is 3.
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A natural monopoly is most likely to occur in which of the following industries?
A) the pharmaceutical industry because the development and approval of new drugs through the Food and Drug Administration can take more than 10 years B) the software industry because of the importance of network externalities C) an industry where fixed costs are very large relative to variable costs D) the diamond mining and marketing industry because one firm can control a key resource
A problem associated with import substitution as an industrial policy is:
A. it removes the incentive for industries to be efficient. B. industries are often chosen for political, not economic, reasons. C. it often stays in place long after it was expected to lapse. D. All of these are problems associated with import substitution policy.
When a surplus exists in a market, sellers
a. raise price, which increases quantity demanded and decreases quantity supplied, until the surplus is eliminated. b. raise price, which decreases quantity demanded and increases quantity supplied, until the surplus is eliminated. c. lower price, which increases quantity demanded and decreases quantity supplied, until the surplus is eliminated. d. lower price, which decreases quantity demanded and increases quantity supplied, until the surplus is eliminated.
Which statement is true?
A. More than any other region in the nation, the South prospered the most in the years following the Civil War. B. The transcontinental railroads that were completed in the 1860s, 1870s, and 1880s, all bypassed the South. C. Before the Civil War most of the nation's large farms were located in the North. D. None of the choices are true.