There is no market supply curve in:
A. monopolistically competitive and monopolistic markets.
B. a perfectly competitive market.
C. a monopolistically competitive market.
D. a monopolistic market.
Answer: A
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Scarcity results from the fact that
A) people's wants exceed the resources available to satisfy them. B) not all goals are desirable. C) we cannot answer the major economic questions. D) choices made in self-interest are not always in the social interest. E) the population keeps growing.
If there is an increase in the expected future U.S. exchange rate, there is
A) an upward movement along the demand curve for dollars. B) a downward movement along the demand curve for dollars. C) a leftward shift of the demand curve for dollars. D) a rightward shift of the demand curve for dollars.
Refer to Figure 4-3. Kendra's marginal benefit from consuming the second ice cream cone is
A) $6.50. B) $6.00. C) $3.00. D) $2.25.
An increase in business inventories during a time period, ceteris paribus, will
A. Increase GDP during that period. B. Never affect GDP because changes in inventories are not included in the calculation of GDP. C. Not affect GDP during that period but will increase GDP in later periods when the inventory is sold. D. Decrease GDP during that period.