What is a term referring to the fact that a business that focuses on one or a few products is more successful than firms that try to make a wide range of products?
a. scarcity
b. division of labor
c. core competency
d. specialization
c. core competency
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If long-run economic growth is not accompanied by a change in aggregate demand, the result will be
A) persistent inflation. B) secular deflation. C) devaluation of the dollar. D) appreciation of the dollar.
The cross-price elasticity of demand between pancakes and waffles is positive. This indicates all of the following except one. Which is the exception?
a. Pancakes and waffles are substitutes. b. An increase in the price of pancakes will shift the demand curve for waffles to the right. c. An increase in the price of waffles will shift the demand curve for pancakes to the right. d. A decrease in the supply of waffles will shift the demand curve for pancakes to the right. e. Pancake demand and waffle demand are price elastic.
Economists place cartels among the least-desirable forms of market organization
a. True b. False Indicate whether the statement is true or false
The flat portion of the long-run average total cost curve is a result of: a. economies of scale
b. diseconomies of scale. c. constant returns to scale. d. diminishing marginal returns.