Entrepreneurs contribute to increased average labor productivity in each of the following ways except by:
A. introducing new production methods.
B. implementing new technological processes.
C. assigning workers to jobs.
D. developing new products.
Answer: C
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If the marginal propensity to consume (MPC) is 0.9, then the multiplier for a change in autonomous spending will be
A) 0.1. B) 9. C) 10. D) 100.
Monopolistically competitive firms are similar to perfectly competitive firms in the sense that both face horizontal demand curves for their product
a. True b. False
Which of the following examples would most likely be the least elastic?
a. hockey sticks b. tennis racquets c. sports equipment d. baseball bats
Suppose that enforcement of antitrust laws resulted in any firm in this industry with market share above 20 percent to be split into two firms, with each having equal market share. That would cause this industry to
A) change from monopolistic competition to oligopoly. B) change from oligopoly to monopolistic competition. C) remain an oligopoly. D) remain monopolistically competitive.