In the kinked-demand curve model, the firm's marginal revenue curve and demand curve are identical.
Answer the following statement true (T) or false (F)
False
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The equilibrium of supply and demand in a market maximizes the total benefits to buyers and sellers of participating in that market
a. True b. False Indicate whether the statement is true or false
In economics, the term "leisure" refers to:
A. nonwork activities that individuals enjoy doing. B. all nonwork activities. C. the vacation time on receives when working. D. those activities that individuals enjoy doing.
Which of the following was NOT a reason why the signing and enforcement of the Montreal Protocol was relatively easy?
A. The production of substitutes for the CFCs appeared to be technologically unfeasible. B. The scientific evidence about the threat that chlorofluorocarbon compounds (CFCs) posed to the ozone was clear. C. Production of CFCs was concentrated primarily in a few large publicity-conscious firms in the European Union (EU) and the United States. D. The United States and the EU were less likely to be affected by ozone depletion because they are further from the equator than other countries.
A fiscal expansion (e.g. a tax cut) will result in an increase in income, an increase in money demand, and an increase in the equilibrium interest rate in financial markets. Explain what happens to the position of the LM curve as policy makers pursue expansionary fiscal policy
What will be an ideal response?