Interindustry competition means that:
A. in oligopolistic industries a few large firms compete with one another in bidding down
product price.
B. in some markets the producers of a particular product might face competition from
products produced by other industries.
C. firms that sell a product at one stage of production are faced with firms that buy the product
at the next stage of production.
D. in most industries there are usually a number of firms producing identical products.
Answer: B
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Suppose Sprite and 7-Up are considered by consumers to be substitutes. The likely economic impact of a decrease in the price of 7-Up is a:
a. movement up along the demand curve for Sprite. b. decrease in the supply of 7-Up c. rightward shift of the demand curve for Sprite. d. leftward shift of the demand curve for Sprite.
If hiring more workers results in each additional worker contributing successively smaller amounts of output, then which of the following is present?
a. diminishing profitability b. diminishing total product c. diminishing marginal product d. Both b and c are correct.
Which of the following tells employees and others what is the main purpose of the company is
a. vision b. mission statement c. company statement d. business plan
In a certain economy, the components of planned spending are given by: C = 500 + 0.8(Y - T) - 300rI P = 200 - 400rG = 200NX = 10T = 150 Given the information about the economy above, which expression gives autonomous expenditures?
A. [760 ? 700r ] B. [790 ? 700r ] C. 0.8Y D. [910 ? 700r ]