The influence of technological change on market structure
a. invariably leads to domination by a few firms
b. depends on whether it increases or decreases minimum efficient scale
c. tends to increase concentration
d. depends on whether it increases or decreases the product's value
e. depends on foreign competition
B
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The fact that most people make some decisions based on intuition rather than calculation is:
A. inconsistent with the cost-benefit model, but still rational. B. consistent with the cost-benefit model because most people intuitively weigh costs and benefits. C. consistent with the cost-benefit model because calculating costs and benefits is irrational. D. irrational, because intuition is usually wrong.
The above table has information about the hypothetical economy of Robotica. Based on the data, the size of M2 is
A) $2,600 billion. B) $2,610 billion. C) $610 billion. D) $600 billion. E) $1,710 billion.
Louise Bakery sells cupcakes that have an equilibrium price of $5.00 per cupcake and an equilibrium output of 300 cupcakes. Which of the following is likely to be true when the government imposes a tax of $0.75 per cupcake? a. Producer and consumer surplus will increase. b. Producer and consumer surplus will decline. c. Equilibrium price will decrease
d. Equilibrium output will increase.
The central bank of the United States is:
A. Bank of America. B. the Federal Reserve System. C. Bank of the United States. D. the U.S. Treasury.