Explanations for the decline in U.S. productivity in the 1970s and 1980s include all of the following except:
a. difficulties with measuring service sector output.
b. the entry into the labor force of many young, inexperienced workers.
c. a wave of corporate mergers that reduced competition.
d. rising oil prices.
c. a wave of corporate mergers that reduced competition.
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The Solow model is used to explain ________
A) why some economies experience higher rates of growth than others B) the relationship between price and quantity demanded C) the relationship between the rate of inflation and the rate of unemployment D) the notion of opportunity cost
In the game in Scenario 13.17, who moves first?
A) Potential Entrant B) Incumbent Monopoly C) It's a sequential game; firms alternate moving first. D) Both players move simultaneously. E) Who moves first is decided by the equilibrium.