A market with many sellers, some influence over price, low barriers to entry, a differentiated product, and non-price competition often taking the form of advertising is known as
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
B
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Which of the following fiscal policy changes would be the most expansionary?
A. A $20 billion tax cut and $20 billion increase in government purchases B. A $40 billion tax cut C. A $10 billion tax cut and $30 billion increase in government purchases D. A $40 billion increase in government purchases
How will a decrease in price affect a firm's revenues?
A) It depends on the price elasticity of demand. B) Revenues will stay the same. C) Revenues will decrease. D) Revenues will increase.
Cost curves shift if i. technology changes. ii. the prices of factors of production change. iii. productivity changes
A) only i B) i and iii C) only ii D) i and ii E) i, ii, and iii
The labor force includes
A. only those who are employed. B. those who are employed, plus the unemployed. C. the total population, less retirees. D. the total population, less retirees and students. E. the total population, less retirees, students, and government workers.