By definition, an industry with high concentration also is highly competitive.
Answer the following statement true (T) or false (F)
False
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Which of the following could cause a decrease in labor supply?
a. An increased preference for working in the labor market b. An increase in the number of two-family households c. An increased preference for enjoying leisure time d. A trend toward less schooling and toward earlier entrance into the labor market e. An increase in the retirement age
In order to minimize the net cost of pollution reduction, the level of pollution reduction (the amount of a pollutant not released into the environment) should be the level at which
A. the total cost of reducing pollution is minimized and the total benefits of reducing pollution are maximized. B. the marginal benefit of reducing pollution equals the marginal cost of reducing pollution. C. the total benefit of reducing pollution equals the total cost of reducing pollution. D. the marginal benefit of reducing pollution exceeds the marginal cost of reducing pollution by the greatest possible amount.
If a straight-line demand curve slopes down, price elasticity will:
A. remain the same at all points on the demand curve. B. change between any two points along the demand curve. C. always be greater than one. D. always equal one.
Which of the following statements about the result of a deterioration in business conditions that also causes a decrease in a nation's wealth is false?
A. The price of bonds will increase if bond supply decreases more than bond demand. B. The impact on bond prices will be ambiguous since both the bond demand and supply curves shift left. C. Interest rates will increase if bond demand decreases more than bond supply. D. Neither bond demand nor bond supply will shift.