Which of the following statements is true about the U.S. economy?
A) Each year, many new jobs are created, but few existing jobs are destroyed, and the unemployed find jobs quickly.
B) Each year few jobs are created, and therefore it takes the unemployed a long time to find a new job.
C) Each year, few new jobs are created, but few existing jobs are destroyed, keeping unemployment low.
D) Each year, many new jobs are created and many existing jobs are destroyed.
D
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Compared with generic products, a brand name:
a. reduces the price elasticity of demand and gives a firm more market power. b. increases the price elasticity of demand and gives a firm more market power. c. increases the price elasticity of demand and gives a firm less market power. d. reduces the price elasticity of demand and gives a firm less market power. e. has no effect on price elasticity of demand or market power.
How will firms react to rising output price levels? What reactions can they expect from their employees and suppliers over time?