To have competition as economists define it,
A. you need many firms in an industry, with no one firm having any influence over price.
B. you need a couple of firms in the industry, with each having significant influence over the price.
C. you need many firms in an industry, and it doesn't matter if one firm has influence over price.
D. All of these statements are true.
A. you need many firms in an industry, with no one firm having any influence over price.
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If cameras and film have a cross elasticity of .985, they are complements
Indicate whether the statement is true or false
Which of the following will not cause the aggregate supply curve to fall?
a. A decrease in the nation's average price level (i.e., the implicit price index). b. An increase in input prices. c. A decrease in the value of the domestic currency. d. Natural disasters. e. None of these answers is correct.
Trade will take place:
A. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. B. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. C. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. D. None of the statements associated with this question are correct.
Government intervention in agricultural markets in the U.S. began in the
A) 1920s. B) 1930s. C) 1950s. D) 1970s.