In the IO perspective it is important to enter an industry with
a. High barriers to entry
b. Differentiated products
c. Small number of competing firms of different sizes
d. All of the above
d
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Without an accepted medium of exchange, people
A) have to specialize in one area of production. B) have to resort to barter in order to exchange goods and services. C) have to rely on gold or silver in order to exchange goods and services. D) can efficiently obtain goods and services.
Which of the following statements about the price elasticity of demand is correct?
A) The elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good. B) Demand is more elastic in the long run than it is in the short run. C) The absolute value of the elasticity of demand ranges from zero to one. D) Demand is more elastic the smaller the percentage of the consumer's budget the item takes up.
In the pre-World War I period, the United Kingdom imported mainly
A) manufactured goods. B) services. C) primary products including agricultural. D) technology intensive products. E) from the United States.
Prices in a market economy perform a rationing function because they reflect
A) the demand of all buyers in the market. B) the extent to which the goods are necessities. C) the strength of the supply curve. D) the relative scarcity of the goods.