Supplier power tends to be lower when
a. Suppliers are concentrated
b. There are high costs to switching between suppliers
c. Both A&B
d. None of the above
d
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A monopoly's economic profit is protected by the lack of entry of new firms even in the long run
Indicate whether the statement is true or false
The marginal productivity standard of income distribution:
a. provided maximum incentive for productivity b. requires government redistribution of income c. is based on the theory that a dollar income provided greater utility to a poor person than a rich person d. all of the above
When one person enjoys the benefit of a tornado siren, she reduces the benefit to others
a. True b. False Indicate whether the statement is true or false
According to the theory of adaptive expectations, if the inflation rate has been 4.2 percent for the last ten years, people will expect next year's inflation rate to be:
a. 4.2 percent. b. higher than 4.2 percent. c. lower than 4.2 percent. d. 0; that is, they will expect no inflation. e. 8.4 percent.