In the last 20 years, all of the following measures of the manufacturing sector have declined except:
a. total employment in manufacturing.
b. manufacturing employment as a share of the labor force.
c. manufacturing output as a share of GNP.
d. total manufacturing output.
d. total manufacturing output.
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A firm that is NOT maximizing profits
A) would never be able to operate in the United States. B) must not be owned by stockholders. C) may find it difficult to raise financial capital from external capital markets. D) is likely to face legal prosecution from the Department of Commerce.
The entry of new firms into a competitive industry will very likel
a. shift the short run industry supply curve to the right b. cause the market price to fall c. reduce the profits of firms in the industry d. cause the market quantity sold to rise e. all of the above