In Figure 10-7, output at which point represents short-run but not long-run equilibrium?
a. A only b. B only c. both A and B d. both B and C
Answer: d
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How many Federal Reserve Banks are there?
A) 7 B) 12 C) 15 D) 5500 (approximately)
British manufacturers lost their competitive edge in the early twentieth century to industries in the United States and elsewhere in Europe mainly because they failed to reorganize their operations to take full advantage of their inventions
Indicate whether the statement is true or false
Companies cannot avoid prisoner dilemmas
Indicate whether the statement is true or false
The market structure of perfect competition exists when
A. there are many producers of a homogeneous product. B. there are many producers of differentiated products. C. there is a single producer of a product. D. there are a small number of interdependent firms that constitute the entire market.