Market power is the power to produce at the lowest cost.
Answer the following statement true (T) or false (F)
False
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Before it became illegal, cigarette manufacturers once relied heavily on TV advertising. According to the textbook, when the government banned TV advertising, the cigarette manufacturers:
A. were made worse off because the ban significantly reduced cigarette sales. B. thought their First Amendment rights were being violated. C. supported the ban due to their concern over health effects of smoking. D. benefited because the decision about whether to advertise on TV was a prisoner's dilemma.
Give a specific example that shows clearly how the System of National Accounts endorsed by the United Nations fails to properly capture activity that harms the environment. Now, suggest a way to quantitatively correct the flaw in the particular case that you describe in part (a).
What will be an ideal response?
In the CPI, goods and services are weighted according to
a. how long a market has existed for each good or service. b. the extent to which each good or service is regarded by the government as a necessity. c. how much consumers buy of each good or service. d. the number of firms that produce and sell each good or service.
An industry in which sales tend to magnify cyclical changes in gross domestic product and national income is called:
A. a cyclical industry. B.a counter-cyclical industry. C. a dismal industry. D. a fluctuating industry