When firms in a competitive market have different costs, it is likely that
a. free entry and exit in the market will be violated.
b. the market will no longer be considered competitive.
c. long-run market supply will be downward sloping.
d. some firms will earn positive economic profits in the long run.
d
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What is the best way to describe aggregate demand?
A) quantity required to satisfy equilibrium B) exports decrease; imports increase C) amount of a country's goods and services demanded by household and firms throughout the world D) individual's demand E) domestic demand of foreign imports.
If the price of golf balls increases, what will likely happen to the demand for golf club manufacturing employees?
A) It will increase. B) It will decrease. C) It will stay the same. D) Nothing, the two are not related.
In the United States, a little more than half the electorate will turn out to vote in:
a. local elections. b. state elections. c. judicial elections. d. presidential elections.
If any two indifference curves cross, then the principle of _____ will be violated
a. monotonicity b. heterogeneity c. reflexivity d. homogeneity