Which of the following industries is most likely to exhibit the characteristic of free entry?
a. electricity
b. satellite radio
c. mineral mining
d. tennis shoes
d
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The following table shows the demand for notebooks of four consumers
Price ($/unit) Consumer 1 Demand (units) Consumer 2 Demand (units) Consumer 3 Demand (units) Consumer 4 Demand (units) $8 8 6 9 10 $6 16 10 15 18 $4 20 13 21 24 $1 22 17 24 27 Define the term "market demand." If these four consumers constitute the entire market, calculate the market demand for notebooks at $1, $4, $6, and $8.
IBM and Sara Lee are two of the biggest firms in the United States, but they produce different products. Could they legally merge, or would their merger be struck down by the courts?
A middleman is a person who
a. specializes in arranging trades and selling, guaranteeing, and servicing items traded. b. acts as a middle person between the top management of a business firm and the hourly employees who actually produce the goods and services. c. adds to the seller's expense and the buyer's buying price without providing a service to either. d. levies a tax on private sector activity and uses the funds to support government activities.
Historical evidence suggests that
A. the Phillips curve is horizontal. B. once policy makers attempted to exploit a short-run Phillips curve trade-off, it disappeared. C. inflation rates are lowest when unemployment rates are also low. D. shifts in long-run aggregate supply do not affect real output.