By the 21st century few people purchased printed encyclopedias. Which of the following competitive forces best explains this?
A) competition from substitutes B) the bargaining power of suppliers
C) the bargaining power of buyers D) the threat from potential entrants
A
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If one looks at U.S. Census data and finds that the average white salary is $39,000 while the average black salary is $36,000, which of the following is not likely to be a significant cause of this difference given U.S. labor market demographics?
A. Whites are more likely than blacks to own their own business. B. Whites are more inclined than blacks to work part-time. C. Whites are more likely than blacks to hold positions in upper management. D. Blacks have less education than whites. E. Discrimination exists in the labor market.
For a perfectly competitive firm, price always equals marginal revenue.
Answer the following statement true (T) or false (F)
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
The primary reason most oligopolists do not become monopolists is
a. inadequate profit b. disinclination to merge c. fear of government d. inability to prevent competitors from entering the industry e. inability to differentiate their goods