When the demand for a product decreases but the supply of the product remains unchanged,
A. the price of the product will rise and quantity will decrease.
B. the price of the product will be unaffected.
C. the price of the product will fall and quantity will remain the same.
D. the price of the product will fall and the quantity will fall.
D. the price of the product will fall and the quantity will fall.
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If the share of population employed in two countries is the same, average living standards will be higher in the country with:
A. lower average labor productivity. B. higher average labor productivity. C. the smaller population. D. the larger population.
How is poverty measured? What is the extent of poverty in the developing world?
What will be an ideal response?
The most important factor in determining the long-run profit potential in monopolistic competition is
A) free entry and exit. B) the elasticity of the market demand curve. C) the elasticity of the firm's demand curve. D) the reaction of rival firms to a change in price.
The so-called "rule of reason", based on the 1920 U.S. Steel case, stipulates that a merger of two firms in an industry is:
A. Illegal if the firms are large B. Illegal because it increases the monopoly power of the resulting firm C. Legal if there is no resulting unreasonable restraint of trade D. Legal because the firm will be subject to regulatory control