The big labels in the music industry, such as Sony, Time-Warner, and Universal, are churning out thousands of CD albums each year that compete against each other for your dollar. But, considering the CD industry only, they also compete against
a. records
b. cassette tapes
c. used CDs
d. stereos
e. used textbooks
C
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Entry of new firms into an existing market causes:
A) an upward movement along the market supply curve. B) a downward movement along the market supply curve. C) a rightward shift of the market supply curve. D) a leftward shift of the market supply curve.
With regard to the question "What were the lives of those who died in the Civil War (1861–1865) worth?" Hughes and Cain (2011) conclude that
(a) there is no way to answer this question because people have infinite worth. (b) an estimate can be made by calculating the value of the loss of "human capital." (c) the worth was close to zero because of the surplus of population that existed at the time. (d) the worth of Northern lives lost was greater because the Northerners were fighting against the evils of slavery.
If Country A exports a good to Country B, who is made worse off?
a. The producers in Country A and the consumers in Country B b. The consumers in Country A and the consumers in Country B c. The producers in Country A and the producers in Country B d. The consumers in Country A and the producers in Country B e. Only the consumers in Country A will be worse off from this trade agreement
How do Marxists view income inequality?