A particularly severe recession is called a(n):
A. growth recession.
B. lull.
C. super recession.
D. depression.
Answer: D
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An improvement in a firm's technology that reduces its production costs will result in a(n):
a. rightward shift of the supply curve. b. increase in supply. c. increase in quantity supplied at any given price. d. all of these are true.
Advertising, brand names, packaging, and celebrity endorsements all occur in monopolistically competitive markets because:
a. significant barriers to entry exist in the real world. b. in the real world, there are very few markets with many firms. c. that gives the producer some command over the price of their products. d. product differentiation seldom occurs in the real world. e. monopolistically competitive firms have an incentive to spend as much money as possible compared to their rivals.
In the long run, even if new fringe firms enter the oligopoly market, the dominant firm's profit will remain unaltered
Indicate whether the statement is true or false
Historically, realists have viewed competition over resources as
a. a major cause of war. b. a method for solving collective action problems. c. an exploitation of developing countries. d. a way for poor nations to raise their standard of living.