As word processing on personal computers expanded, sales of typewriters began to disappear. Which of Porter's competitive forces does this event demonstrate?
A) bargaining power of buyers B) bargaining power of suppliers
C) competition from substitute goods or services D) the threat of competition from new entrants
C
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Suppose the economy is in long-run equilibrium. In a short span of time, there is a large emigration of skilled workers, a major depletion of oil fields, and a major new regulation limiting electricity production. In the short run, we would expect
a) the price level to rise and real GDP to fall. b) the price level and real GDP both to rise. c) the price level to fall and real GDP to rise. d) the price level and real GDP both to stay the same.
A universal health insurance program, which lowers patient's out-of-pocket expenses, would tend to
A) reduce the number of patients seeking medical care. B) reduce the number of doctors offering medical care. C) increase the non-monetary costs of medical care, such as waiting longer in line. D) generate all of the above.