In the South after the Civil War,
a. agriculture was the first to recover to prewar levels.
b. the transportation network took nearly 20 years to recover.
c. manufacturing recovered before agriculture.
d. large public spending was needed to repair extensive damage to the rail network.
c. manufacturing recovered before agriculture.
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One difference between monopolistic competition and pure competition is that
A. products may be homogeneous in monopolistic competition. B. there is some control over price in monopolistic competition. C. firms differentiate their products in pure competition. D. monopolistic competition has significant barriers to entry.
Price ceilings are primarily targeted to help
a. No one b. Consumers c. Producers d. Government
As one moves down a straight-line, down-sloping demand curve, price elasticity will:
a. change from elastic, to unit elastic, then to inelastic. b. remain the same between any two points. c. change from inelastic, to elastic, then to unit elastic. d. change from unit elastic, to elastic, then to inelastic. e. change from elastic, to inelastic, then to unit elastic.
Economic surplus is another term for which of the following?
a. efficiency b. consumer surplus c. social surplus d. deadweight loss