The more firms that are attracted to an industry, the greater will be the quantity of product supplied at any given price.
Answer the following statement true (T) or false (F)
True
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Public policies designed to increase labor productivity do not include
a. subsidies for higher education. b. tax breaks for job retraining. c. tax breaks on corporate dividends. d. public education.
Refer to the figure below.
When the market is unregulated, producer surplus is represented by the area:
A. ABC B. FHC C. DGF D. DBC
Recall the Application about the costs involved in opening a restaurant to answer the following question(s).Recall the Application. If you are a franchise owner of a Sonic Drive-In restaurant, and it is in a monopolistically competitive market, you would expect in the long run to earn zero economic profits because:
A. you must compete against other restaurants that are similar to you, but not exactly the same. B. barriers to entering the restaurant business are relatively low. C. competition among restaurants is keen. D. All of these are correct.
Refer to the graph below.
Which of the shifts explains what would happen to the production possibility curve if a cyclone destroys five major garment factories in the Philippines?
A. I B. II C. III D. IV