As firms exit a competitive price-searcher market, profits of remaining firms
a. decline and product diversity in the market decreases.
b. decline and product diversity in the market increases.
c. rise and product diversity in the market decreases.
d. rise and product diversity in the market increases.
C
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If population growth occurs while jobs are difficult to obtain or labor force participation does not increase
A) there may be little or no increase in a nation's labor resources. B) per capita GDP is likely to increase sharply. C) economic growth will be robust because any population gain is a plus. D) a nation's labor resources will still continue to increase in both quality and quantity.
In the graph below, the value of the dollar in terms of yuan is:
A. appreciating because the dollar buys more yuan. B. appreciating because the dollar buys fewer yuan. C. depreciating because the dollar buys more yuan. D. depreciating because the dollar buys fewer yuan.
Matt has decided to purchase his textbooks for the semester. His options are to purchase the books online with next day delivery at a cost of $175, or to drive to campus tomorrow to buy the books at the university bookstore at a cost of $170. Last week he drove to campus to buy a concert ticket because they offered 25 percent off the regular price of $16. Assume the minimum that Matt would be willing to accept to drive to campus is equal to the $4 he saved on the concert ticket. What would his economic surplus be if he bought his textbooks at the university bookstore rather than online?
A. $50 B. $20 C. $5 D. $1
Diseconomies of scale are associated with:
A. improved team spirit. B. decreasing per-unit costs. C. monitoring costs. D. the short run.