According to economists, human activity is unresponsive to changes in costs
a. True
b. False
Indicate whether the statement is true or false
False
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The Keynesian view of the world is that the
A. self-correcting mechanism is unreliable. B. benefits of fighting unemployment are high and the costs are low. C. short-run Phillips curve is relatively flat. D. All of these responses are correct.
What is "asymmetric information"?
What will be an ideal response?
The profit-maximizing price and quantity established by the unregulated monopolist in the above figure are
A) Q1 units of output and a price of P5. B) Q3 units of output and a price of P3. C) Q1 units of output and a price of P1. D) Q4 units of output and a price of P4.
If there is an increase in the demand for automobiles, and at the same time auto workers receive a substantial raise, what will happen to equilibrium price and quantity in the automobile market?
a. Price and quantity will rise. b. Price and quantity will fall. c. Price will rise; quantity will fall. d. Quantity will rise; price change cannot be determined. e. Price will rise; quantity change cannot be determined.