data show that among the firms that produce bananas, dole has 26% of sales, del monte has 14% of sales, fyffes has 8% of sales and nabob has 5% of sales. all other firms has the rest of sales. this information suggests that:
a) firms in the industry are "price takers"
b) the firms in the industry are likely to engage in strategic behaviors and interaction
c) the banana industry has a strong oligopoly
d) the industry wold be described as monopolistic competitive
e) b and c likely to occur
e) b and c likely to occur
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A movement along the aggregate production function is the result of a change in
A) the quantity of labor. B) technology. C) capital. D) interest rates.
Assume the economy is initially in equilibrium with real GDP equal to potential GDP
Other things equal, if the economy enters a recession and there are no automatic stabilizers, the IS curve would shift to the ________, and the shift would be equal to ________. A) right; decline in investment spending B) left; decline in investment spending C) right; decline in investment spending times the multiplier D) left; decline in investment spending times the multiplier
If sneakers and hiking boots are substitutes and the price of sneakers falls, what will happen?
A. Demand for sneakers will rise. B. Demand for sneakers will fall. C. Demand for hiking boots will rise. D. Demand for hiking boots will fall.
In the economic way of thinking, private property rights provide people with
A) rules of the game. B) dependable information. C) incentives. D) none of the above. E) all of the above.