The fewer the firms that exist in a market, the:
a. less responsive firms are to price changes
b. more responsive firms are to price changes.
c. less responsive firms are to supply changes.
d. less responsive firms are to demand changes.
a
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Monetarists are in favor of
a. inflation targeting. b. interest rate targeting. c. output targeting. d. nominal income targeting. e. money growth targeting.
A typical economic good has which one of the following characteristics?
A) The desired quantity exceeds the quantity available at a zero price. B) The quantity available exceeds the desired quantity at a zero price. C) It uses no resources to produce. D) It is never scarce.
Suppose Jerry consumes three hamburgers at McDonald's one evening. He figured the last one was just worth the price he paid for it. If the hamburgers he buys have a price of $1, then
a. he earned no consumer surplus b. he would have earned consumer surplus if he had eaten one more hamburger c. he was irrational d. he may have earned consumer surplus on the first two hamburgers e. he earned $1 consumer surplus on the third hamburger alone
The more bowed (skewed) the Lorenz curve
A. the more equal the distribution of income. B. the more unequal the distribution of money income. C. the greater the total income of the society. D. the greater the number of households in the society.