What role do losses play in a competitive price-searcher market?
a. They penalize a firm for producing a differentiated product.
b. They signal that more resources are needed in a particular market.
c. They show firms that barriers to entry are high.
d. They send a message that more value would be created if the resources were used to produce other goods.
D
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If monopolistically competitive firms in an industry are making an economic profit, then new firms will enter the industry and the product demand facing existing firms will
A. become less elastic. B. decrease. C. increase. D. not be affected.
If something serves as a store of value, we expect it to be
A) divisible. B) durable. C) of intrinsic value. D) light.
The typical age-earnings cycle shows that
A. there is a constant negative relationship between age and earnings. B. there is no relationship between age and earnings. C. there is a positive relationship between age and earnings that eventually turns into a negative relationship. D. there is a negative relationship between age and earnings that eventually turns into a positive relationship.
A technological change would cause movement along the demand curve for inputs.
Answer the following statement true (T) or false (F)