It is important for a business owner to understand the market structure in which they operate because:
A. it defines how much freedom they have to set prices.
B. it will tell how much attention to pay to competitors’ behavior.
C. it can help in deciding whether to advertise.
D. All of these statements are true.
D. All of these statements are true.
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
Suppose the growth rate of GDP in the United States is 4.2 percent. If 2.9 percent and 1.3 percent of GDP growth are due, respectively, to capital and labor growth, the amount resulting from technological progress is
A) 0 percent. B) 1.3 percent. C) 2.9 percent. D) 4.2 percent.
Which of the following supply-side efforts was embraced by the second Bush administration in 2001?
A. Reduction in marginal tax rates. B. Reduction of the deficit. C. Reduction in spending on infrastructure. D. Increase in government environmental regulations.
It is generally agreed that a major advantage of the competitive price system is the achievement of greater efficiency.
Answer the following statement true (T) or false (F)