When the government eliminates artificial barriers to entry:
A. more firms will enter the market.
B. prices to consumers will likely increase.
C. competition in the market will decrease.
D. All of these will occur.
Answer: A
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If a rise in the price of good B increases the quantity demanded of good A
A) A and B are substitutes. B) A and B are complements. C) A is a substitute for B, but B is a complement to A. D) B is a substitute for A, but A is a complement to B.
Refer to Table 16-2. Consider the hypothetical information in the table above for potential real GDP, real GDP, and the price level in 2016 and in 2017 if Congress and the president do not use fiscal policy
If Congress and the president want to keep real GDP at its potential level in 2017, they should A) decrease government purchases. B) buy Treasury securities. C) decrease the discount rate. D) conduct expansionary fiscal policy.
The satisfaction a person receives from consuming goods and services is called
A) contentment. B) wealth. C) utility. D) psychic income.
A cost that spills over onto individuals not directly involved in an activity is called a positive externality
a. True b. False Indicate whether the statement is true or false