Externalities affect only the buyer and seller involved in an exchange.
Answer the following statement true (T) or false (F)
False
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The definition of cross elasticity of demand for two products X and Y is
A. percentage change in quantity of X demanded/percentage change in quantity of Y demanded. B. percentage change in price of Y/percentage change in quantity of X demanded. C. percentage change in price of Y/percentage change in price of X. D. percentage change in quantity of X demanded/percentage change in price of Y.
Gordon states that ________ caused the substantial increase in the standard of living in South Korea relative to that of the Philippines during the period 1960-2010
A) lower unemployment rates B) higher inflation rates C) higher rate of growth in per capita real GDP. D) All of the above
Happy Feet wants to prevent Best Nails from entering the nail salon market. If Happy Feet expands its capacity, the expansion can lead to all of the following except which one?
A) increase Happy Feet's profit-maximizing quantity B) decrease Happy Feet's profit-maximizing price C) increase Happy Feet's marginal cost D) decrease Best Nails' profit from entering the market
Oligopoly is a market structure in which
a. there are only two sellers. b. there are relatively few producers. c. no firm can influence price. d. there are many producers.