A firm with a sales department, a production department, and a marketing department provides an example of
A) team production.
B) joint production.
C) economies of scale.
D) economies of different departments.
A
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Price floors lead to market surpluses.
Answer the following statement true (T) or false (F)
An input-output table
A) details the flows of goods and services between various sectors of the economy. B) shows purchases by certain industries from other industries. C) shows sales by certain industries to other industries. D) All of the above.
Which of the following is NOT an example of a monopolistically competitive market?
A) high fashion clothing B) medical care C) wheat D) automobiles