Although large-scale manufacturing was not characteristic of colonial economic activity, ___________ was an important exception
a. steel production
b. shipbuilding
c. cotton textile production
d. fish canning
b. shipbuilding
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Use the following diagram for the corn market to answer the question below.
If the price in this market is $4 per bushel, there will be a
A. shortage, and the price will tend to fall. B. surplus, and the price will tend to rise. C. surplus, and the price will tend to fall. D. shortage, and the price will tend to rise.
When both players in a zero-sum game play their ideal strategies, the expected payoff for each player is zero
Indicate whether the statement is true or false
Which of the following statements is true about monopolistically competitive firms?
A) Like perfectly competitive firms, monopolistically competitive firms are not able to raise prices without losing all of their customers because they face competition from firms selling similar products. B) Unlike perfectly competitive firms, monopolistically competitive face perfectly inelastic demand curves. C) Like perfectly competitive firms, monopolistically competitive firms maximize their profits by setting price equal to marginal cost. D) Unlike perfectly competitive firms, monopolistically competitive firms are able to raise their prices without losing all of their customers.
Firms that face downward-sloping demand curves for their output are called
a. perfectly competitive b. price takers c. price searchers d. resource price takers e. resource price searchers