In a perfectly competitive market, firms are not restricted from entering or leaving an industry in response to profits or losses
Indicate whether the statement is true or false
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According to this Application, for approximately 12 million homeowners in 2012, the amount owed on mortgages was higher than the actual value of the homes. Homeowners who find themselves in this situation are said to be
A) "financially grounded." B) "subprime borrowers." C) "underwater." D) "shadow mortgage holders."
According to your textbook, expansionary monetary policy
A) encourages entrepreneurs to invest in projects that only appear profitable. B) creates a temporary "boom," or economic expansion. C) will ultimately be followed by a "bust," as entrepreneurs learn of their forecasting errors. D) tends to generate all of the above.
The ability of an economy to produce greater levels of output is called:
a. negative economics. b. economic growth. c. positive economics. d. the law of specialization.
When flat screen televisions were first introduced in 1997 they were priced at $15,000. If the CPI in 1997 was 160 and the CPI in 2019 is 265, then this price is equivalent to approximately ______________________in 2019 dollars. If the average flat screen TV sells for $550 in 2019, the percentage change between the inflation-adjusted price of a flat screen TV in 1997 and the actual pricein 2019 price is __________
a. $15,469; -96.4 percent b. $19,887; -95.6 percent c. $24,844; -97.7 percent d. $154; 3.6 percent e. $367; 8.3 percent