Consider the demand functions:
A) Qd = 250 - 2P
B) Qd = 300 - 3P
Which of the demand functions reflects a higher level of consumer incomes?
A) A
B) B
C) A and B reflect the same consumer incomes.
D) More information is needed.
D
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A quasi-public good differs from a public good in that unlike a public good, it is possible to keep those who do not pay for the quasi-public good from enjoying the benefits of the good
Indicate whether the statement is true or false
When a monopolistically competitive firm cuts its price to increase its sales, it experiences a loss in revenue due to the
A) income effect. B) output effect. C) price effect. D) substitution effect.
The shares of GDP taken in taxes by federal, state & local governments
a. have risen steadily in the past 40 years to about 22 percent. b. have dropped steadily in the past 40 years to about 6 or 7 percent. c. grew substantially until the early 1970s and have leveled off at about 10 to 11 percent. d. fell steadily until the early 1970s and has risen steadily since then.
How did the gold standard contribute to the spreading of the Great Depression of the 1930s?
What will be an ideal response?