Which of the following will happen if a new firm enters in an oligopoly with differentiated products?
A) Market price will fall.
B) Market price will rise.
C) Existing firms will gain market share.
D) Each firm will have an equal market share.
A
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The more perfectly a monopoly can price discriminate, the
A) smaller its output and the lower its profits. B) smaller its output and the greater its profits. C) larger its output and the lower its profits. D) larger its output and the greater its profits.
All the people employed at or just above the minimum wage could be considered the _____.
Fill in the blank(s) with the appropriate word(s).
When the economy is operating well below capacity, an increase in spending tends to be reflected primarily in a(n):
a. lower level of employment. b. increase in price. c. lower level of output. d. higher level of output and employment. e. increase in business failures.
Maura has harvested 100 acres of trees from her land. She could keep the resulting lumber and sell it piece by piece as she needs to pay for things, but she decides to sell it all at once and deposit the money into a savings account, where it will be safe and relatively easy to access. Maura’s decision to keep her assets in money form rather than as lumber illustrates money’s function as a ______.
a. store of value b. medium of exchange c. unit of account d. means of deferred payment