Answer the following statement(s) true (T) or false (F)
1. Changes in the price of resources do not help determine supply because those resources can be replaced by substitute goods.
2. Population changes are a key determinant of demand for goods and services.
3. Mae's Restaurant is the only establishment in town that sells cinnamon rolls. Mae therefore has a monopoly on the cinnamon roll business in town.
4. Competition in an oligopoly is centered more on making one product stand out from another than it is on price.
5. Products manufactured in foreign countries by U.S. companies are included in the U.S.'s gross domestic product (GDP).
1. False
2. True
3. True
4. True
5. False
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If the firm learns that the complicated technology can be made more stable with a few tweaks increasing the price to 15.5 million and increasing the probability of a launch to 50%. Given the new costs and probabilities of launch for the complicated software, which technology would the firm rather invest in now?
a. The simple voice-activated software b. The complicated thought-activated software c. Neither of the software d. Need more information
Land's End estimates a demand curve for turtleneck sweaters to be: Log Q = .41 + 2.3 Log Y - 3 Log P where Q is quantity, P is price, and Y is a measure on national income. If the marginal cost of imported turtleneck sweaters is $9.00 . The optimal monopoly price would be:
a. P = $13.50 b. P = $26.50 c. P = $27.50 d. P = $34.50 e. P = $56.22
The legal reserve requirement is determined by
a. savings and loans b. banks c. Congress d. the FDIC e. the Federal Reserve
A tax on buyers increases the size of a market
a. True b. False Indicate whether the statement is true or false