According to the Application, in 1960 the Cuban government
A) did not allow people to sell or rent their homes.
B) caused a large shortage of housing as a result of its policies.
C) confiscated most housing in the country.
D) all of the above.
D
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________ is the market structure in which there are many rival firms producing differentiated products
A) Perfect competition B) Monopolistic competition C) Monopoly D) Oligopoly
If an infant industry truly has a good chance to become competitive and produce profitably once it is well established, it is not at all clear that government should even offer protection to reduce short-run losses
a. True b. False Indicate whether the statement is true or false
The Marshall Lions Club increased the price of hamburgers at their Celebrate Marshall Festival and found that revenues increased. This is likely because, ceteris paribus,
a. the quality of the hamburgers was different b. the demand for their hamburgers was inelastic c. the demand for their hamburgers was elastic d. the quality of the hamburgers was lower e. more people came to the festival
Assume the demand schedule for product C is downsloping. If the price of C falls from $2.00 to $1.75:
A. the demand for C will decrease. B. a larger quantity of C will be demanded. C. the demand for C will increase. D. a smaller quantity of C will be demanded.