Competition from substitute goods is more of a threat when switching costs are high
Indicate whether the statement is true or false
FALSE
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An example of a nominal variable is ________
A) income measured at current market prices B) expenditures in terms of the quantities of actual goods C) the chain weighted measure of GDP D) all of the above E) none of the above
If average cost is falling, then marginal cost must be falling.
Answer the following statement true (T) or false (F)
Which of the following would likely be an example of a monopolistic industry?
a. fast-food restaurants b. cell phone service c. auto manufacturing d. none of the above
In economics, the term marginal refers to:
A. the change or difference from a current situation. B. man-made resources as opposed to natural resources. C. the satisfaction a consumer receives from a good. D. holding everything else constant in the analysis.