An industry in which one firm can achieve economies of scale over the entire range of market supply is a
A. Natural monopoly.
B. Perfectly competitive market.
C. Kinked demand curve oligopoly.
D. Contestable market.
Answer: A
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Figure 10-7
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Figure 10-8 displays the cost curves of a perfectly competitive firm. Profits at a price of $10 would be approximately
A. $1 per unit. B. $3 per unit. C. $5 per unit. D. $10 per unit.
Adverse selection is more likely when a job requires intangible or unmeasurable abilities
a. True b. False
Whether prices or real GDP exhibit the greater response to increased aggregate demand depends on the degree of capacity utilization in the economy
a. True b. False Indicate whether the statement is true or false
When the economy is on the flat part of the AS curve, there is very little crowding out of planned investment.
Answer the following statement true (T) or false (F)