Market structures are defined by all of the following except the
a. number of firms
b. level of prices
c. ease with which new firms can enter
d. presence of substitute goods
e. existence of barriers to entry
B
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Collusion between two firms occurs when
A) announce that each will match its rival's market price. B) firms explicitly or implicitly agree to adopt a uniform business strategy. C) the firms independently pursue strategies that could hurt each other. D) firms act altruistically to bring about the economically efficient outcome.
Growth in real GDP per capita has:
A. slowed since the mid-nineteenth century compared to before. B. been steady over the course of human history. C. increased over the last 150 years only in the United States and Canada. D. been more rapid since the mid-nineteenth century than ever before.
Some economists believe that policymakers should avoid stabilization policy because
A. lags make the policy impact unpredictable. B. no tax cut ever stimulated demand. C. stabilization policies are rarely signed into law. D. it never works.
In an increasing-cost industry, an increase in industry output will
A. shift each firm's short run supply curve down. B. shift each firm's average fixed cost curve down. C. lead to a lower market price. D. lead to a higher market price.