Andrew Carnegie was largely responsible for the development of the _________ industry; while John D. Rockefeller was largely responsible for the development of the _________ industry.
Fill in the blank(s) with the appropriate word(s).
steel; oil
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When a country both exports and imports a type of commodity, the country is engaged in
A) intra-industry trade. B) increasing returns to scale. C) imperfect competition. D) inter-industry trade. E) an attempt to monopolize the relevant industry.
Refer to Figure 10.1. The minimum feasible price is ________
A) P1 B) P2 C) P3 D) P4 E) none of the above
Which of the following track the average prices received by producers?
What will be an ideal response?
In economics, the short run means a time period
A) during which new firms are prohibited from entering the industry. B) during which firms are not allowed to change the amount of imported resources they use. C) that is between one and five years. D) during which the firm is unable to change its plant size.