The market demand schedule in perfect competition is horizontal
a. True
b. False
Indicate whether the statement is true or false
False
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Microeconomics includes the study of the
A) aggregate effects on the national economy. B) nationwide unemployment rate. C) reasons why the government changes interest rates. D) recessions and inflation in the global economy. E) choices made by individuals and businesses.
A leftward shift of the market demand curve for HDTVs, ceteris paribus, causes equilibrium price to
A. Decrease and quantity to increase. B. Increase and quantity to increase. C. Increase and quantity to decrease. D. Decrease and quantity to decrease.
Deadweight losses occur when the quantity of an output produced is
A. such that the marginal benefit of the output is just equal to the marginal cost. B. greater than the competitive equilibrium quantity. C. less than or greater than the competitive equilibrium quantity. D. less than the competitive equilibrium quantity.
In 2014, exports as a percentage of GDP for the United States are approximately
A) between 1% and 5%. B) between 10% and 20%. C) between 20% and 40%. D) between 40% and 75%. E) between 75% and 90%.