Which of the following questions would economists most likely disagree about?
a. What will be the effect of the new minimum wage on the sales of a product?
b. How much should a company increase the price of a product?
c. How much will demand increase for a product if the price decreases by 2 percent?
d. What will be the increase in production with new technology in place?
b. How much should a company increase the price of a product?
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The quantity demanded for a duopolist's product is zero if ________
A) it charges a lower price than its rival B) it charges a higher price than its rival C) it charges the same price as its rival D) it can produce the product at a lower cost
Guiding the market through strategic coordination of business investments to increase export market shares is known as
(a) development planning. (b) industrial policy. (c) shifting terms of trade. (d) all of the above. (e) none of the above.
The deficit can be defined in simple terms as
A. tax receipts ? government expenditures + transfers. B. tax receipts + government expenditures + transfers. C. government expenditures + transfers ? tax receipts. D. government expenditures ? transfers ? tax receipts.
Consumers may not experience the benefits of economies of scale because a natural monopoly
A. Increases output beyond efficient levels. B. Has higher costs with higher output. C. Engages in marginal cost pricing. D. Charges prices higher than competitive levels.