Market structure depends upon
A) the ease of entry and exit.
B) the ability of firms to differentiate their goods and services.
C) the number of firms in the market.
D) All of the above.
D
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The business cycle is defined as
A) changes in the stock market. B) changes in financial markets. C) persistent growth in potential GDP. D) irregular ups and downs in production and jobs. E) the period of time during which the unemployment rate is rising.
The AR(p) model
A) is defined as Yt = ?0 + ?pYt-p + ut. B) represents Yt as a linear function of p of its lagged values. C) can be represented as follows: Yt = ?0 + ?1Xt + ?pYt-p + ut. D) can be written as Yt = ?0 + ?1Yt-1 + ut-p.
Which of the following statements about modern macroeconomic theory is most accurate?
a. Keynes' ideas help us understand movements in output around its long-run trend, while the Classical model is more useful in explaining the long-run trend itself. b. The classical model helps us understand movements in output around its long-run trend, while the short-run macro model is more useful in explaining the long-run trend itself. c. Both classical and short-run macro models help us understand movements in output around its long-run trend, but neither model is effective at explaining the long-run trend itself. d. Neither the classical nor the short-run macro model helps us understand movements in output around its long-run trend, but both are useful in explaining the long-run trend itself. e. Only the short-run macro model is useful in understanding movements in output around its long-run trend, and in explaining the long-run trend itself.
The principal determinants of total and average cost curves are the firm's technology and the prices of its inputs
a. True b. False Indicate whether the statement is true or false