Suppose James and Katherine are successful in establishing a profitable market for their "ghost restaurants" in what is a monopolistically competitive industry. In the long run, James and Katherine will most likely find it ________ to remain profitable
as they face ________ competition in the "ghost restaurant" market.
A) harder; more
B) harder; less
C) easier; more
D) easier; less
Answer: A
You might also like to view...
Which of the following groups lists the four factors of production?
A) labor, capital, land, entrepreneurship B) labor, capital, land, money C) labor, money, land, entrepreneurship D) labor, capital, money, entrepreneurship
According to the ________ Phillips curve, the unemployment rate and the inflation rate are negatively related
A) long-run and short-run B) rational expectations C) short-run D) long-run
The Malthusian model performs poorly in explaining economic growth after the
A) French Revolution. B) American Revolution. C) Industrial Revolution. D) Bio-technology Revolution.
Which agency was created by Congress in 1914 to investigate and regulate unfair methods of competition?
a. the Department of Justice b. the Federal Trade Commission c. the Interstate Commerce Commission d. the General Accounting Office e. the Council on Competitiveness