In general, the amount of X-inefficiency in an industry:
A. has no relationship to the amount of competition in an industry.
B. increases as the amount of competition increases.
C. decreases as the amount of competition stays the same.
D. increases as the amount of competition decreases.
Answer: D
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Adam Smith noted in 1776 that
A. the wealth of nations comes from the money the nations have accumulated. B. the wealth of nations comes from the gold the nations have accumulated. C. the wealth of nations comes from the resources that produce the nation's goods and services. D. the problem of scarcity had been licked.
One of the defining characteristics of an oligopoly is that:
A. the strategic interactions between a firm and its rivals have a major impact on its profits. B. no single firm has an impact on the market as a whole. C. there are only a few buyers in the market. D. there are no barriers to entry to the market.
An increase in the amount of excess reserves held by a bank helps to increase the economy's money supply
a. True b. False Indicate whether the statement is true or false
When the price of a good rises, there is
A) an increase in supply. B) a decrease in supply. C) a decrease in quantity supplied. D) an increase in quantity supplied.