A market will tend to be more competitive when
a. there are a small number of firms in the market.
b. similar products are available from alternative sellers.
c. entry barriers into the market are high.
d. governments require firms to meet strict regulatory standards.
B
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What does a production possibility frontier represent?
What will be an ideal response?
Figure 7-1
In Figure 7-1, which graph best represents total physical product with diminishing returns?
a.
1
b.
2
c.
3
d.
4
In the situation shown on this graph, the multiplier effect on aggregate demand is ______.
a. half the effect the initial government purchase has on it
b. double the effect the initial government purchase has on it
c. equal to the effect the initial government purchase has on it
d. equal but opposite to the effect the initial government purchase has on it
Over the past few decades, the price of movie tickets:
A. has risen both in nominal terms and in real terms. B. has risen in nominal terms but has not risen in real terms. C. has fallen in nominal terms and in real terms. D. has risen in real terms but has not risen in nominal terms.