If more firms enter the telecommunications industry, we can expect the equilibrium price of telecom services to decrease and the equilibrium number of services to increase
a. True
b. False
Indicate whether the statement is true or false
True
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Managers of profit centers usually have
a. A lot of discretion over decisions b. Most of their decisions overseen by corporate executives c. No discretion over decisions d. Given excessively high bonuses
The law of diminishing marginal utility states that as we consume increasing amounts of a good or service, _________________________.
Fill in the blank(s) with the appropriate word(s).
Refer to the graph shown. A perfectly competitive firm would never operate if the price dropped to which segment of the marginal cost curve?
A. DE. B. CD. C. AC. D. CE.
If a 10 percent increase in the price of product X causes the demand for product Y to decrease by 15 percent, then:
A. X and Y are substitutes. B. X and Y are independent goods. C. the demand for X is elastic. D. X and Y are complements.