If more firms enter the telecommunications industry, we can expect the equilibrium price of telecom services to decrease and the equilibrium number of services to increase
a. True
b. False
Indicate whether the statement is true or false
True
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In the long run, we typically assume that ________
A) capital, labor, and technology are independent of the level of inflation B) the natural rate of unemployment is independent of the level of inflation C) aggregate supply is fixed and independent of the level of inflation D) all of the above E) none of the above
The concept that explains firms possessing different bundles of resources is
a. Resource heterogeneity b. Resource immobility c. Barriers to entry d. imitability
Which of the following correctly describes the external benefit resulting from an individual's purchase of a winter flu shot?
a. The flu shot is cheaper than the cost of treatment when you get the flu. b. The income of doctors increases when you get the flu shot. c. The flu shot reduces the likelihood others will catch the flu. d. The flu shot reduces the likelihood you will miss work as the result of sickness; therefore, you will earn more income.
Which of the following would not shift the demand for resource Z? a. A decline in the price of resource Z
b. A decline in the price of substitute resource A. c. An increase in the productivity of resource Z. d. An increase in the price of the product resource Z is used to produce.