Describe what took place during the Industrial Revolution
What will be an ideal response?
The Industrial Revolution refers to the period in England during the late eighteenth and early nineteenth centuries in which new manufacturing technologies and improved transportation gave rise to the modern factory system and a massive movement of the population from the countryside to the cities.
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What is the conclusion in the prisoners' dilemma?
A) Firms should not enter a legal duopoly. B) Two prisoners acting in their own best interest harm their joint interest. C) There is no Nash equilibrium available to the prisoners. D) Prisoners do not act interdependently. E) Duopolies almost always reach their best outcome.
Which of the following is NOT a characteristic of the market structure for monopolistic competition?
A) Firms are free to enter and exit. B) Firms are price takers. C) Firms compete on product quality, price, and marketing. D) There are a large number of firms.
Figure 7-1
. In Figure 7-1, which graph best represents total physical product with diminishing returns?
A. 1 B. 2 C. 3 D. 4
What are some examples of the four different market structures?
What will be an ideal response?