The following concepts are related EXCEPT for the following:
A. "The invisible hand"
B. Government regulations
C. A government "five-year plan"
D. Government planning
A. "The invisible hand"
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If positive economic profit exists in monopolistic competition, there is:
A) incentive for new firms to enter. B) a motive for existing firms to increase prices. C) proof that advertising works. D) a motive for existing firms to decrease prices. E) product differentiation.
A decreasing-cost industry is one in which:
A. contraction of the industry will decrease unit costs. B. input prices fall or technology improves as the industry expands. C. the long-run supply curve is perfectly elastic. D. the long-run supply curve is upsloping.
The Keynesian model is based on the idea that
A. both consumption and saving are positively related to real disposable income. B. both consumption and saving are unrelated to the level of real Gross Domestic Product (GDP). C. consumption is unrelated to the level of real Gross Domestic Product (GDP). D. saving depends only on the interest rate.
Imperfect competition
A. should always be regulated by the government B. results in less efficient market outcomes. C. is a major cause of externalities in the market. D. means there is no competition in the market.