Which economist argued that free markets unleashed the "animal spirits" of entrepreneurs, propelling innovation, technology, and growth?
A. Irving Fisher.
B. Lord Kelvin.
C. John Maynard Keynes.
D. Kenneth Olsen.
Answer: C
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Total cost equals total variable cost plus marginal cost
a. True b. False Indicate whether the statement is true or false
Suppose there are two industries, A and B. Suppose that mergers are proposed in both industries, and the Herfindahl-Hirschman Index would increase by 500 in each one. If antitrust officials allow the mergers in industry A but challenge the mergers in industry B, the most likely explanation is that
a. there are political motivations to antitrust enforcement b. industry A was already less competitive than industry B c. industry A had a balanced oligopoly and industry B did not d. industry A started as a more competitive industry than B e. antitrust authorities made a random decision
Refer to the diagram for a monopolistically competitive firm. If more firms were to enter the industry and product differentiation were to weaken, then:
A. resource misallocation would become more severe.
B. the demand curve would become more elastic.
C. equilibrium output would decline and equilibrium price would rise.
D. equilibrium output would decline and equilibrium price would fall.
Wants are
A) another term for needs. B) the things people would consume if they had unlimited incomes. C) the things people consume with their income. D) all the things people really need in order to live comfortably.