As more firms enter the market,
a. individual firms produce more
b. advertising increases
c. demand curves become more elastic
d. demand curves become more inelastic
e. cross elasticities among the goods in the market decrease
C
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Recall the Application. If the organization in New Zealand was successful in getting the Olympics to include sheep shearing as a spectator sport, and this helped to raise the world price of wool, the quantity of wool supplied would ________ because
the market supply curve for wool is ________ sloped. A) decrease; negatively B) increase; negatively C) increase; positively D) decrease; positively
Progressive wage taxes cause worker leisure/consumption budgets (with leisure on the horizontal axis) to become steeper as leisure increases.
Answer the following statement true (T) or false (F)
What percent of the world's nations have at least five significant ethnic populations?
a. 0–10 b. 10–20 c. 20–30 d. 30–40 e. over 40
If a competitive firm has to pay a lump sum tax, it will produce less
Indicate whether the statement is true or false