By 1910 the top ten industries included printing, malt liquors, tobacco cars and railroad cars. The introduction of these new top ten industries indicated
(a) a shift in consumer preferences toward luxury items.
(b) an increase in real incomes in the U.S., permitting people to purchase luxury items.
(c) a smaller percentage of total consumption expenditures on essential food, clothing and shelter.
(d) all of the above.
(d)
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Does a competitive long-run equilibrium require cost-minimization?
A) Yes, if firms fail to be as efficient as their competitors, they are driven out of the market. B) No, in the long run, firms make zero profits. C) Yes, if they didn't, even less efficient firms would enter the industry. D) No, because competition ensures their survival.
An increase in wage rate, other things constant, shifts the aggregate supply curve downward
a. True b. False Indicate whether the statement is true or false