Competitive firms are price takers largely because of intensive advertising by their competitors.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour. Suppose that we observe Krystal staying open 4 hours per day
If she is following the marginal principle, what must her marginal benefit be? A) $12 B) $18 C) $24 D) $30
What are factor endowments?
What will be an ideal response?
Price controls may be thought of as
A) a restraint on the rationing function of prices. B) useful tools that promote production. C) necessary in market economies. D) the freeing-up of free market forces.
If the government increases its spending but does NOT raise taxes
A. the government will have to raise expenditures or lower taxes the next year. B. the government will have to borrow funds. C. aggregate demand will increase without any effect on the price level. D. the government will have to reduce the money supply.