While output for each firm rises in response to exiting, output for entire market does what?
a. falls
b. rises
c. does not change
Ans: a. falls
Economics
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Less developed countries, compared to industrialized ones, are more likely to have higher tariff rates.
Indicate whether the statement is true or false.
Economics
Describe the characteristics of an oligopoly
What will be an ideal response?
Economics
Define utility. What are individual units of utility called?
What will be an ideal response?
Economics
Income distribution moved toward greater inequality in the 1920s after World War I (1914–18) had witnessed a movement toward greater equality
Indicate whether the statement is true or false
Economics