There are 100 dog kennels in Atlanta. An economist studying the pricing behavior of dog kennels tells you that she is limiting her analysis to a time period that does not allow for any new dog kennels to enter the industry or for any established dog kennels to leave the industry. The time period this economist referred to is the
A. short run.
B. market period.
C. long run.
D. industry run.
Answer: A
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Before summer 2008, if you wanted a cell phone in Bhutan, you only had one choice: B-Mobile, owned and operated by the government. What does Kuenga Gyalthen mean he states that, "Up until now, because of the monopoly, we've all been suffering
So, I mean, it's finally time the consumer actually is king for a little while."? A) He believes that producer surplus is greater with competition. B) He believes that total surplus is greater with a monopoly. C) He believes that prices are lower with a monopoly. D) He believes that consumer surplus is greater with competition.
In the short-run macro model, adjustment toward equilibrium is facilitated by price changes
a. True b. False
Timmy can edit 2 pages in one minute and he can type 80 words in one minute. Olivia can edit 1 page in one minute and she can type 100 words in one minute. Timmy has an absolute advantage and a comparative advantage in editing, while Olivia has an absolute advantage and a comparative advantage in typing
a. True b. False Indicate whether the statement is true or false
Which of the following Fed actions would both decrease the money supply?
a. buy bonds and raise the reserve requirement b. buy bonds and lower the reserve requirement c. sell bonds and raise the reserve requirement d. sell bonds and lower the reserve requirement