Since there are many college bookstores in the United States, college bookstores have no power to influence book prices on campus.
Answer the following statement true (T) or false (F)
False
Concentration ratios do not necessarily convey the extent to which market power may be concentrated in a local market. In fact, many industries, including college bookstores, with low concentration ratios nationally are represented by just one or a few firms locally.
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Which of the following is a good example of efficient specialization and voluntary exchange?
A. A college professor hires someone to rototill his or her garden to ready it for spring planting. B. A college professor works on the engine of a car for a neighbor who is a mechanic. C. A lawyer decides to babysit his or her young child and agrees to do so for others for cash. D. A physician agrees to help a neighbor work on his or her income tax return in exchange for his or her bookkeeping services.
Refer to Figure 16-1. Suppose the economy is in short-run equilibrium above potential GDP and no policy is pursued. Using the static AD-AS model in the figure above, this would be depicted as a movement from
A) C to B. B) A to E. C) D to C. D) C to D. E) E to A.
Nonparticipants in the labor force include those who are classified as unemployed
Indicate whether the statement is true or false
What branches of the government play a role in enacting the federal budget?
What will be an ideal response?