Recessions tend to be ________ by ________ the rate of inflation.
A. followed; a decrease in
B. neither preceded nor followed; any change in
C. preceded; a decrease in the stability of
D. followed; an increase in
Answer: A
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By far, the most frequently encountered price discrimination is the
A) first-degree price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) fourth-degree price discrimination.
When one firm assumes others in the market will follow its price setting behavior, this is referred to as
a. the kinked demand model b. the godfather model c. oligopoly d. the cartel model e. monopolistic competition
Resources devoted to complying with the tax laws are a type of deadweight loss
a. True b. False Indicate whether the statement is true or false
Suppose the long-run supply curve for a perfectly competitive industry is horizontal at a price of $12, and the minimum short-run average variable cost for each of the identical N firms in the industry is $8. If the demand curve for the industry decreases so that it intersects the short-run supply curve of the industry at $10,
A) in the short run the price will decrease to $10, and the number of firms will still be N. In the long run the price will return to $12, and the number of firms will be less than N. B) in the short run the price will decrease to $10, and the number of firms will be less than N. In the long run the price will return to $12, and the number of firms will return to N. C) in the short run the price will remain at $12, and the number of firms will still be N. In the long run the price will fall to $8, and the number of firms will be less than N. D) In the short run the price will decrease to $10, and the number of firms will be less than N. In the long run the price will return to $12, and the number of firms will return to N.