One possible reason for Wal-Mart's success is that centralized-decision making provides economies of scale that allow it to aggressively bargain down wholesale prices of standard consumer goods

Which of the following may be used by a plumber's union or a medical professional association to restrict membership?

a. all of the following are correct b. long apprenticeship periods c. difficult qualification exams d. stringent education standards e. high initiation fees

When the percentage change in quantity supplied is equal to the percentage change in price, supply is said to be inelastic

Indicate whether the statement is true or false