Supposing a firm is a price taker, the demand for that firm's product is
A. a downward sloping line with the negative of the market price as its slope.
B. flat line at the market price.
C. parabolic.
D. an upward sloping line with the market price as the slope.
Answer: B
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The ________ the Herfindahl-Hirschman Index (HHI), the ________ the industry
A) higher; less competitive B) lower; less competitive C) higher; more firms in D) lower; more profitable
Inventory changes, a component of GDP, includes those that are planned as well as those that are unplanned
Indicate whether the statement is true or false
Gross domestic product (GDP) includes:
A. intermediate as well as final goods. B. foreign goods as well as domestically produced goods. C. used goods sold in the current time period. D. only final goods and services.
Resource demand has grown over time:
A. because of population growth only. B. because of increased consumption per person only. C. because of both increased population and greater consumption per person. D. despite decreases in population and consumption per person.