Competition is best seen as a process.
Answer the following statement true (T) or false (F)
True
While the textbook version of competition presents a static view, competition is best seen as a process of dynamic monopoly in which firms are constantly moving toward competition or monopoly.
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If MFC > MRPL, the firm should
A) hire more workers. B) lower wages. C) get rid of some capital. D) reduce the number of workers.
Scarcity:
a. is a problem only in the poorer countries of the world. b. can be solved by rapid advances in technology. c. is a problem that exists in every economy. d. is not a problem for the very rich.
A change in the income of buyers will normally change demand
a. True b. False Indicate whether the statement is true or false
Compared to two-party systems, proportional-representation systems are thought to:
A. be much less efficient and lead to very few compromises when voting. B. lead to more centrist policies. C. offer a wider variety of platforms among which voters can choose. D. create unwieldy combinations of policies within one platform.