Consumer spending accounts for about 70 percent of GDP
a. True
b. False
Indicate whether the statement is true or false
True
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Miniville is an isolated town located on the southern shore of Lake Condescending, a very large lake. The western edge of Miniville is adjacent to impassable mountains and there are no towns or businesses for many miles to the east. The 300 residents of Miniville are evenly distributed along 3 miles of shoreline on the lake, east of the mountains. Lake Shore Drive, the only street in town, provides access to Miniville's homes and businesses. All residents live between the lake and the street; businesses locate on the other side of the street. Lake Shore Drive is 3 miles long, and the points labeled A, B, and C are 1, 2, and 3 miles from the western end of Lake Shore Drive, respectively. All residents of Miniville shop at the store located closest to their homes. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q217g1.jpg" alt="" style="vertical-align: 0.0px;" height="117" width="538" />If one store is located at A and the other store is located at B:
A. exactly half of the people living west of B will shop at the store at B.
B. all of the people living between A and the mountains will shop at the store at A.
C. some, but not all, of the people living east of B will shop at the store at B.
D. exactly half of the people living east of B will shop at the store at B.
The defining characteristic of a natural monopoly is
a. constant marginal cost over the relevant range of output. b. economies of scale over the relevant range of output. c. constant returns to scale over the relevant range of output. d. diseconomies of scale over the relevant range of output.
An increase in the marginal revenue product schedule for labor
A. means that the marginal physical product of labor rose. B. means that more labor is demanded by the firm. C. means that the demand for the final product has fallen. D. means that labor productivity has risen.
Refer to Figure 25.1 for an oligopoly firm. Assume that the existing price and quantity are $10 and 2,000 units. Which of the following statements is most likely correct?
A. Demand curves D1 and D2 both assume that rivals match any price changes. B. Demand curve D1 assumes that rivals do not match price changes. C. Demand curves D1 and D2 both assume that rivals will not match any price changes. D. Demand curve D2 assumes that rivals do not match price changes.