Which of the following is an example of a market?
a. a gas station
b. a garage sale
c. a barber shop
d. All of the above are examples of markets.
d
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Political freedom can sometimes moderately reduce economic growth because
A) campaign contributions rob the economy of investment. B) special interest groups may gain at the expense of the overall economy. C) most jobs are in unions that are politically connected. D) none of the above.
Refer to Figure 13-13. If the diagram represents a typical firm in the market, what is likely to happen to its average cost of production in the long run?
A) It will probably fall since the firm must be cost efficient to remain competitive. B) It will probably rise since the firm will be producing less than its current amount. C) It will probably rise since its long-run demand is likely to be higher. D) It will probably fall since the firm will be selling less than its current amount.