Which of the following would be a positive economic statement?
a. Bankers are now charging higher interest rates on credit cards to cover the increased cost of loaning funds to consumers
b. The United States should be more aggressive in its trade negotiations with its major trading partners to help reduce the trade deficit
c. More money should be allocated by the Federal government to social programs and less money to national defense
d. Rents for apartments in this city are too high and must be controlled by city government to keep landlords from making too much profit
a. Bankers are now charging higher interest rates on credit cards to cover the increased cost of loaning funds to consumers
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An industry is deemed concentrated when ________
A) each firm in that industry has a small market share B) all the firms in that industry charge a price lower than the average cost of production C) most of the firms in that industry earn zero economic profits in the long run D) a few firms account for a large fraction of total sales in that industry
A network effect exists whenever
A) a firm's willingness to produce a particular good or service is influenced by the costs of inputs it must utilize in order to manufacture the item. B) a consumer?s willingness to purchase a particular good or service is influenced by how many others also buy or have bought the item. C) a firm's willingness to purchase a particular factor of production depends on the other types of inputs it utilizes to manufacture an item. D) a consumer's willingness to purchase a particular good or service is influenced by the prices of other complementary or substitute items.
In bilateral monopoly, price and output are determined by the intersection of demand and supply curves.
Answer the following statement true (T) or false (F)
In the long run, a decrease in aggregate demand will lead to a(n) _____
Fill in the blank(s) with the appropriate word(s).