The automobile industry is an oligopoly.
Indicate whether the statement is true or false.
Ans: True
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If new firms enter a perfectly competitive industry, the market supply
A) does not change. B) becomes more price elastic. C) becomes more price inelastic. D) increases. E) decreases because each firm produces less than before the entry.
In a franchising relationship
a. the franchisor is the principal b. the agent is the franchisor c. the franchisor is the agent d. the principal is the franchisee
Exhibit 15-6 Aggregate demand and supply model
?
In Exhibit 15-6, if the aggregate demand curve is at AD2, the government should:
A. raise taxes to move to AD1. B. not change its policy. C. cut taxes to move to AD3. D. cut spending to move to AD3.
One of the key factors that determine an economy's real GDP is labor productivity, which is a measure of
a. output per hour of work. b. labor force per hour. c. input per hour worked. d. total hours worked.