Which of the following may transform an industry from oligopoly to monopolistic competition?
A. Significant vertical integration
B. Exit of firms
C. A series of horizontal mergers
D. Entry of new firms
Answer: D
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Researchers have found that countries that were settled by Europeans who planned on staying permanently were
a. more likely to protect private ownership rights and limit the power of the government. b. less likely to protect private ownership rights and limit the power of the government. c. more likely to protect private ownership, but less likely to limit the power of the government. d. less likely to protect private ownership, but more likely to limit the power of the government.
Recall the Application about growth in China and India to answer the following question(s). From 1978 to 2004, China grew at a rate of 9.3 percent per year and India grew at a rate of 5.4 percent per year.According to this Application, China's GNP per capita and India's GDP per capita are ________ U.S. GNP per capita.
A. now greater than B. still significantly less than C. now equal to D. within 5 percentage points of
Corn and beef prices are typically linked because
A. corn is a complement to beef. B. they are alternative outputs. C. corn is an input to beef. D. corn is a substitute for beef.
In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is an inferior good
a. The population increases and productivity increases. b. Income increases and the price of inputs decrease. c. The number of firms in the market decreases and income increases. d. Consumer preference increases and the price of a complement decreases. e. The price of a substitute in consumption decreases and the price of a substitute in production decreases.