Two goods are said to be complements when a fall in the price of one good:
A) leads to a fall in price of the other good.
B) doesn't affect the demand for the other good.
C) leads to a left shift in the demand for the other good.
D) leads to a right shift in the demand for the other good.
D
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Which of the following statements is true?
A) When an industry achieves a long-run competitive equilibrium, industry output will not change in the future. B) When an industry reaches a long-run competitive equilibrium, the typical firm in the industry breaks even. C) A long-run competitive equilibrium can only be achieved in constant-cost industries. D) A long-run competitive equilibrium outcome is not economically efficient.
In the simple Keynesian model, if there is an autonomous investment falls by $20 billion and the MPC (b) is 0.60, the equilibrium income level will increase by
a. $13.3 billion. b. $20 billion. c. $50 billion. d. $100 billion.
The term "stagflation" refers to an economy with the simultaneous problems of
(a) rising inflation rates and falling unemployment rates. (b) rising deflation and unemployment rates. (c) rising inflation and unemployment rates. (d) falling deflation and unemployment rates.
Gross revenue minus explicit costs equals
A) accounting profit. B) economic profit. C) opportunity cost. D) implicit cost.