Industries in which firms ________ are likely to contract in the long-run.
A. have no competition
B. break even
C. suffer losses
D. have positive profits
Answer: C
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We categorize market structures according to
a. price, function, and size b. number of firms, entry conditions, and substitutability of goods c. entry conditions, location, and function d. number of firms, location, and size e. number of firms, entry conditions, and size
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A. B. A to C. C. C to D. D. B to D.
Sally is an average shopper, with average income. When she is in the store she buys a few items which cost more than $20, several items which cost between $5 and $20, and many items which cost less than $1 . The price elasticity of Sally's demand for these goods most likely ____
a. increases as the price decreases b. decreases as the price decreases c. increases as the price increases d. decreases as the price increases e. remains constant over all price ranges
The money supply known as M3
a. does not include credit union accounts b. excludes certificates of deposit c. includes M2 + large denomination time deposits and repurchase agreements d. excludes travelers' checks e. does not include demand deposits