Other things equal, which reduces competition in an industry?
A. Patent laws.
B. Freedom of entry for new firms.
C. An increase in the number of buyers.
D. An increase in the number of producers.
Answer: A
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How do macroeconomists differ from microeconomists?
a. the basic tools of analysis b. the underlying principles c. the use of abstractions and models d. the problems studied e. All of the above are correct.
A productivity decrease would be illustrated by a shift in the production function
A. downward. B. leftward. C. upward. D. rightward.
In the long run, total spending only influences:
A. actual output. B. potential output. C. inflation. D. productive capacity.
A market situation where a small number of sellers dominate the entire industry is called:
A. monopolistic competition. B. monopsony. C. monopoly. D. oligopoly.