In the United States, before OPEC increased the price of crude oil in 1973, there was
a. no price ceiling on gasoline.
b. a nonbinding price ceiling on gasoline.
c. a binding price ceiling on gasoline.
d. a nonbinding price floor on gasoline.
b
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If a company triples its output and its average cost decreases, then the firm is definitely experiencing
A) diseconomies of scale. B) decreasing marginal returns. C) increasing marginal returns. D) economies of scale. E) Both answers C and D are correct.
The balance on the current account ____________
a. can never be negative b. can be positive or negative c. must always be one d. must always be zero e. is an itemized account of a nation's foreign economic transactions
What flows to firms in a product market?
a. payments for goods and services b. goods and services c. payments for rent and wages d. technology and machinery
The U.S. Internet search market:
A. is best characterized by pure competition. B. is dominated by Google, which controls about 70 percent of the market. C. has a few prominent firms that each possesses a relatively equal market share. D. has no barriers to entry.