When a free market for a good reaches equilibrium, anyone who is willing and able to sell at the market price can sell the good
a. True
b. False
Indicate whether the statement is true or false
True
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The entry of new firms into an industry will very likely
A. shift the industry supply curve to the right. B. cause the market price to fall. C. reduce the profits of existing firms in the industry. D. All of the responses are correct.
Experience with the Phillips curve since the 1970s has shown that the:
a. curve can be used as a reliable model to guide public policy. b. relationship between the inflation rate and the unemployment rate moves in a clockwise direction. c. curve is not stable. d. inflation rate and the unemployment rate are equal.
What institution or initiative has actively marshaled scientific evidence to remove doubts about the seriousness of global warming?
a. NATO b. the Convention on Biological Diversity c. the Intergovernmental Panel on Climate Change d. the United Nations Economic Program
When positive externalities are present in a market, it means that:
A. external benefits are equal to social benefits. B. private benefits are less than social benefits. C. private benefits are less than external benefits. D. social benefits are less than external benefits.