A perfectly competitive industry is in long-run equilibrium. If demand for the product increases, we can expect:
A. firms to enter the market.
B. firms to exit the market.
C. no change in the number of firms in the market.
D. There is not enough information to tell what will happen to the number of firms in the market.
Answer: A
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A) shirt B) butter C) gold D) milk
Settlers often received 50 acres of land for each person whose passage they paid to America. This was known as
a. a special purpose grant. b. an entailment. c. the headright system. d. planter's shares.
The three functions of money are medium of exchange,
a. measure of value, and standard of value. b. measure of value, and store of value. c. standard of value, and store of value d. medium of value, and store of value. e. measure of value, and deferred value.
Gross investment minus depreciation equals
A. net investment. B. GNP. C. GDP. D. change in business inventories.