Consumer spending is an injection in the circular flow of income and spending.
Answer the following statement true (T) or false (F)
True
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If the demand for flat screen television sets is rising while at the same time the price of a flat screen TV is falling, there is evidence of:
A. constant returns to scale. B. diseconomies of scale. C. economies of scale. D. diminishing marginal product.
Assets that can be easily converted into money without significant loss of value are
A. liabilities. B. transactions balances. C. near monies. D. currencies.
A perfectly competitive firm will earn ________ economic profits in the range of output for which the firm's price is above its minimum average total cost.
A. positive B. zero C. negative D. Any of the above answers could be correct.
The music production industry is an example of a(n) ________ industry.
A. perfectly competitive B. monopolistic C. oligopolistic D. monopolistically competitive