A decrease in competition within an industry can result in
a. more efficient resource allocation.
b. lower prices.
c. a firm wielding economic and political power.
d. increased output.
Ans: c. a firm wielding economic and political power.
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Firms decide how much to spend on product development and marketing by
A) spending the same amount as they did in previous years. B) spending the historical average of 1/4 of total production cost. C) determining what it will take to eliminate excess capacity. D) balancing the cost and the benefit of product development and marketing. E) ensuring that the marginal cost of product development and marketing is less than or equal to the marginal cost of producing the good or service.
Unemployment that results from a mismatch between worker qualifications and the characteristics employers require is called _________ unemployment.
A. cyclical B. frictional C. search D. structural