An increase in demand will induce entry by firms in the long run.
Answer the following statement true (T) or false (F)
True
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When firms enter a monopolistically competitive market: a. product variety diminishes
b. the demand curves of established firms shift to the right. c. prices fall. d. profits increase.
Unlike the New York Stock Exchange, NASDAQ is an electronic stock market with trades executed through a sophisticated computer and telecommunications network
Indicate whether the statement is true or false
If the price of a textbook rises and then students purchase fewer textbooks, an economic model can show a cause-and-effect relationship only if which of the following conditions holds:
A. students' incomes fall. B. tuition decreases. C. the number of students increases. D. everything else is constant.
Individual income tax is the ________ single component of federal revenue.
A. largest B. second largest C. smallest D. least important