Suppose the demand for hot dogs decreases. In the short run, firms that produce hot dogs will experience a fall in prices, which will induce them to:
A. increase production and increase the number of workers.
B. decrease production and increase the number of workers.
C. decrease production and reduce the number of workers.
D. increase production and reduce the number of workers.
Answer: C
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The major coordination tasks can be summarized with the questions
A. who, what, when, where. B. how, what, for whom. C. how, what, why. D. how, why, for whom. E. who, how, what.
A monopoly is a market with
A) many suppliers each producing an identical product. B) no barriers to entry. C) many substitutes. D) one supplier. E) many suppliers each producing a slightly different product.
If the current account is in deficit, imports of goods and services exceed exports of goods and services (plus net unilateral transfers)
a. True b. False
The analysis of consumer decision making based on utility maximization is known as
A) specialization analysis. B) consumption analysis. C) utility analysis. D) market analysis.