When your textbook authors say competition "can be recognized only in motion pictures, not in still photographs," they mean
A) Hollywood is a competitive industry; portrait photography is non-competitive.
B) competition is better described as a process, rather than a fixed state of affairs.
C) competitors don't sit still.
D) competition didn't exist before the advent of motion picture technology.
B
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What are two ways in which economic growth is generally measured?
What will be an ideal response?
Price elasticity of demand refers to
A. How responsive producers are to a change in the cost of production. B. How buyers react to a change in the price of a substitute good. C. How buyers respond to a change in income. D. How sensitive buyers are to a change in price.
Profit-maximizing employment is the quantity of labor at which
A. marginal factor product is equal to product price. B. marginal revenue product is equal to marginal factor cost. C. marginal factor cost is equal to marginal revenue. D. marginal revenue product is equal to product price.
Both opponents of and proponents of government intervention most likely would agree with which of the following?
A. The market is inherently fair. B. Property rights eliminate the need for government. C. Property rights must exist for a market to operate. D. Government can and does create proper incentives to correct for externalities.