For an oligopoly, when the quantity effect does not outweigh the price effect, the firm:
A. has an incentive to increase output.
B. has no incentive to decrease output.
C. has no incentive to increase output.
D. None of these statements is true.
C. has no incentive to increase output.
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Over the last 50 years, in the United States the labor force participation rate for women ________, the labor force participation rate for men ________, and the over-all labor force participation rate ________
A) increased; decreased; increased B) did not change; increased; increased C) increased; decreased; did not change D) decreased; increased; increased E) increased; did not change; increased
As one moves down a straight-line demand curve away from the vertical axis, demand becomes less elastic and then inelastic.
Answer the following statement true (T) or false (F)
Which of the following best represents economic growth?
A) an increase in nominal GDP B) an increase in real GDP C) an increase in the per capita nominal GDP D) an increase in the per capita real GDP
Economists believe that individuals respond in a predictable way to changes in costs and benefits. The term that best describes this belief is
a. opportunity cost b. demand c. supply d. scarcity e. rational behavior