Which of the following best summarizes why a firm in a purely competitive market is a price taker? A firm cannot change a(n) ________ price than the competitors because consumers could substitute with other perfectly identical products.
Answer: higher
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To promote rapid economic growth, the new growth theory would argue for increased scholarships in
a. women's studies. b. deconstructionist literature. c. post-modern sociology. d. biology.
Which of the following is a likely effect of tariffs on trade?
a. higher sales of imported goods b. lower prices of imported goods c. lower sales of imported goods d. higher quotas for imported goods
The largest firm in Industry J has a 90% market share, while the remaining ten firms each has a one percent share. The largest firm in industry K has a 80% market share, while the other two firms each has a 10% share. Which statement is true?
A. Industry J has a higher concentration ratio than industry K. B. Industry K has a higher concentration ratio than industry J. C. The industries have the same concentration ratio. D. None of these statements are true.
Refer to the information provided in Figure 23.10 below to answer the question(s) that follow.
Figure 23.10Refer to Figure 23.10. At an aggregate output level of $500 million, there is a
A. $100 million unplanned decrease in inventories. B. $100 million unplanned increase in inventories. C. $175 million unplanned decrease in inventories. D. $0 change in unplanned inventories.