By definition, an industry with high concentration also is highly competitive
a. True
b. False
Indicate whether the statement is true or false
False
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If business cycles are caused by changes in aggregate supply, you would expect to see
a. prices and unemployment moving in the same direction. b. price and unemployment moving in opposite directions. c. prices not moving with unemployment. d. unemployment is not included in the Keynesian model.
An example of a good or service that would count in the U.S. GNP would be a bag of coffee made in:
A. Vermont by Green Mountain Coffee Roasters. B. Colombia by Dunkin' Donuts. C. Canada by Starbucks. D. All of these would count in U.S. GNP.
Describe the law of diminishing marginal utility. On what assumptions is this law based?
Please provide the best answer for the statement.
Suppose you are deciding whether or not to increase production. You are making a loss with many competitors. If you produce one more unit, your increase in cost will be $10, your average variable costs will increase to $9.50, and your average fixed costs will decrease. Finally, the price you are able to charge will be $9.75. You should
A. increase production by exactly 1 unit. B. increase production by at least 1 unit. C. leave production unchanged because profit is maximized where you are. D. shut down.