You could conclude that
A. new firms will enter the industry.
B. existing firms will leave the industry.
C. the industry is in the long run.
D. it is unclear whether the industry is in the short run or the long run.
A. new firms will enter the industry.
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National defense made up the largest portion of federal expenditures in 2009.
Answer the following statement true (T) or false (F)
A decrease in business taxes will tend to ________.
A. decrease aggregate demand B. increase aggregate supply C. increase aggregate supply but not change aggregate demand D. increase aggregate demand but not change aggregate supply
Something will be rare but not scarce if very little of it exists and
A) its price is high enough that only a few wish to purchase it. B) its price is high enough that no one can afford it. C) no one wants any. D) the quantity supplied is greater than the quantity demanded.
Refer to Figure 1-1. Using the information in the figure above, calculate the percentage change in sales of alcoholic beverages between 2012 and 2016
A) 30% B) 50% C) 66.7% D) 100%