When new firms enter a perfectly competitive market,
a. economic profits of existing firms will continue to be zero.
b. entering firms will earn zero economic profit upon entry into the market.
c. existing firms may see their costs rise if more firms compete for limited resources.
d. prices will rise as existing firms raise prices to keep new firms out of the market.
c
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In a logarithmic scale ________
A) the ratio of capital to labor is constant B) the vertical axis lies along the horizontal axis C) equal distances reflect the same percentage change D) values along the vertical axis correspond to the square root of values along the horizontal axis
An oligopoly market structure is characterized by firms closely watching their rivals' pricing policies
a. True b. False Indicate whether the statement is true or false
For economic imperialists, economics is more of a method of analysis than a specific field of study
Indicate whether the statement is true or false
Which of following age groups is most likely to have the longest duration of continuous unemployment?
A) 15-19 years B) 20-24 years C) 45-54 years D) Over 55 years