In perfectly competitive industries, firms can easily enter and exit the industry in the long run.
Answer the following statement true (T) or false (F)
True
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A rational consumer would never purchase a good if its
a. marginal utility is falling b. MU/P is positive c. MU/P is falling d. marginal utility is negative e. contribution to total utility is less than one
The final consumer demand for beef in America will shift to the left if
A. the price of cattle decreases. B. the price of chicken increases. C. the price of pork decreases. D. if B or C occurs.
Why is water much cheaper than diamonds even though water is essential to human lives while diamonds are NOT?
What will be an ideal response?
When people became less concerned with the underlying value of their houses and instead focused on the expectations of the prices of their houses increasing, ________ occurred
A) stagflation B) an automatic destabilizer C) a housing bubble D) a supply shock