Average labor productivity is the
A. amount of machines per worker.
B. amount of workers per machine.
C. ratio of employed to unemployed workers.
D. amount of output per worker.
Answer: D
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Assuming that the total market size remains constant, a monopolistically competitive firm earning profits in the short run will find the demand for its product decreasing in the long run because
A) some of its customers have switched to purchasing the products of new entrants in the market. B) as the firm raises its price in the long run, it will lose some customers to new entrants in the market. C) its costs of production rises. D) new entrants into the market are more likely to have cutting edge products.
In the simple circular flow model: a. firms are suppliers of resources and demanders of products
b. households are suppliers of products and demanders of resources. c. households are demanders of products and suppliers of resources. d. firms are the suppliers of both resources and products.
Owning a patent can always provide a firm with monopoly control of a market.
Answer the following statement true (T) or false (F)
For a particular good, a 5 percent increase in price causes a 15 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
a. There are many substitutes for this good. b. The good is a necessity. c. The market for the good is broadly defined. d. The relevant time horizon is short.