The Five Forces Model helps illustrate the five competitive forces that determine the ________ in an industry.
A. level of competition and profitability
B. profitability and degree of product differentiation
C. price and quality of output
D. level of R&D and price of output
Answer: A
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Why are perfectly competitive ranchers in Montana price takers?
What will be an ideal response?
Labor is typically assumed to be the only variable input in very short-run production systems, and the number of variable inputs increases as we lengthen our planning horizon from short run to long run
What happens to the labor demand curve as we move from short run to long run? A) Demand curve becomes less elastic B) Demand curve elasticity does not change C) Demand curve becomes more elastic D) Demand curve becomes upward sloping
Consider a consumer who spends all income on only two goods: pizza and soda. An extra slice of pizza would give the consumer 60 extra utils, while an extra can of soda would give the consumer 20 extra utils. Pizza costs $3 per slice, and soda costs $1 per can. In this situation, the consumer:
a. is buying too much pizza and not enough soda. b. should purchase more pizza and less soda. c. has maximized his or her total utility. d. needs to equate the marginal utilities for pizza and soda.