If you can consume a good at the same time that others consume the same good, the good is nonrival in consumption.
Answer the following statement true (T) or false (F)
True
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The Sherman Antitrust Act is primarily concerned with:
a. mergers. b. nationalization. c. price discrimination. d. monopolization. e. unfair and deceptive practices.
As entry of new firms occurs in an existing monopolistically competitive industry, the
a. market demand curve will shift to the right b. market demand curve will shift to the left c. demand curves of existing firms shift to the right d. demand curves of existing firms will become more price elastic e. market supply curve will shift to the left
Bananas and apples are substitutes. When the price of bananas falls, and a technological advance in apple production occurs at the same time:
A. the equilibrium price of apples rises and the equilibrium quantity of apples falls. B. the equilibrium price of apples rises and the equilibrium quantity of apples rises. C. the equilibrium price of apples rises and the equilibrium quantity of apples might rise or fall. D. the equilibrium price of apples falls and the equilibrium quantity of apples might rise or fall.
If nations trade on the basis of comparative advantage
A. a nation can gain only at the expense of trading partners. B. exporting nations gain and importing nations lose. C. importing nations gain and exporting nations lose. D. all trading partners mutually gain.