The demand curve facing a firm will be more elastic,
a. the fewer the number of competing firms
b. the more differentiated the product
c. the more substitutes there are for its product
d. the greater the firm's ability to control price
e. the larger the profit the firm can make
C
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The profit maximizing rule P = MC applies to:
A. both perfectly competitive firms and imperfectly competitive firms. B. all firms. C. perfectly competitive firms only. D. monopolists only.
What is the threshold age for individuals to be considered as being in the "labor force" for statistical purposes?
A) 16 B) 18 C) 21 D) Over 21
Suppose that the development of a new, improved seed allows all corn farmers in the United States to increase their yields per acre. Since the demand for corn is relatively inelastic, the price of corn in a perfectly competitive market is likely to
a. not change, but farm revenues will fall. b. not change, but farm revenues will rise. c. increase, and farm revenues will fall. d. decrease, and farm revenues will fall.
Highway and home construction had a boom from
A. 1925-1940. B. 1935-1950. C. 1945-1960. D. 1965-1980.