Price decreases always increase economic efficiency
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is not an example of nonprice competition?
a. Kellogg's introduces Froot Loops with Lemonberry Swirls. b. Sterling Planet provides consumers the opportunity to purchase renewable electricity in upstate New York. c. Mountain Dew sells "Livewire" orange soda in the summer of 2003. d. Nissan lowers the interest rate charged for new automobile financing. e. Honda produces a hybrid version of its Civic.
Assume that Ford Motor Company engineers achieve a revolutionary technological breakthrough in the production process of automobiles. Which of the following is expected to take place?
a. A movement up along the existing supply curve for Ford automobiles b. The supply of Ford automobiles will remain unchanged c. An inward shift of the supply curve for Ford automobiles d. A downward movement along an existing supply curve for Ford automobiles e. An outward shift of the supply curve for Ford automobiles
Census data clearly shows the United States economy is becoming increasingly more oligopolistic
Indicate whether the statement is true or false
U.S. data suggest that the U.S. economy is located where on the Laffer curve?
A. At the peak in tax revenue B. On the right side, after the peak in tax revenue C. On the left side, before the peak in tax revenue D. The economy was on the right side before the 1980s and on the left side after 1980.