The average percentage markup in the economy
a. is greater, the more competitive are market conditions
b. is greater, the less competitive are market conditions
c. is unaffected by the competitive conditions of the economy
d. tends to be highly unstable from year to year
e. tends to be stable from year to year, ensuring that the price level is stable from year to year
B
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The National Restaurant Association states that the restaurant industry has an economic effect of more than $1.7 trillion annually in the United States,
with every dollar spent in restaurants generating an estimated total of $2.05 in spending in the economy. This indicates that the spending multiplier for the restaurant industry is equal to A) 1.21. B) 1.70. C) 2.05. D) 4.25.
Survivability in a perfectly competitive world requires that
A) firms minimize average total cost. B) firms produce new and different products. C) firms maximize profit. D) firms maximize revenue.