It is possible for a competitive firm that is maximizing profits in the short run to make its profits even bigger in the long run by expanding its plant, assuming that the product price stays the same.
Indicate whether the statement is true or false
Ans: True
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The marginal benefit of a good or service
A) increases as more is consumed. B) decreases as more is consumed C) remains constant as more is consumed. D) decreases as less is consumed
If firms in an industry make output decisions that are partially based on the price and output decisions of their competitors, then these firms are in ________ market have ________ with the other firms in the market
A) an oligopoly; interdependence B) an oligopoly; no interdependence C) an oligopoly or monopolistically competitive; interdependence D) a monopolistically competitive; no interdependence
The fate of the Second Bank of the United States? It
a. was lauded by Andrew Jackson and eventually became the Federal Reserve b. was viewed as a great success by many southern and western banks c. prospered because it took a positive view towards many speculative land ventures d. disappeared because it could not issue its own notes e. became just another bank in Pennsylvania by 1836
The demand for insulin is typically_________________ than the demand for a large screen TV.
a. More elastic b. More inelastic c. Less elastic d. Less inelastic