When a firm experiences increasing marginal returns, the marginal cost of output also increases. Similarly, when the firm experiences decreasing marginal returns, the marginal cost of output also decreases
Indicate whether the statement is true or false
false
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If every firm is a price taker, then which of the following characteristics does their industry have?
a. large number of sellers b. many versions of the product c. limited resource mobility d. few consumers e. market power
An increase in aggregate supply will cause the price level to:
a. rise and GDP to rise b. rise and GDP to fall. c. rise and the unemployment rate to fall. d. fall and GDP to rise. e. fall and the unemployment rate to rise.
The mathematics of amortization for mortgage loans must utilize the
A. period of time over which the debt will be repaid. B. payment amount. C. interest rate. D. all of the options are correct.
There are fewer than half as many publishers of college textbooks in the United States now as a generation ago. Three companies alone account for almost two-thirds of the sale of new textbooks. This market situation characterized by very few sellers is known as
A. monopolistic competition. B. pure monopoly. C. perfect competition. D. an oligopoly.