A series of ascending indifference curves is called
a. a demand curve
b. a budget constraint
c. an indifference map
d. marginal-utility-to-price ratio curves
e. consumer surplus
C
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A monopolistically competitive firm earning profits in the short run will find the demand for its product decreasing and becoming more elastic in the long run as new firms move into the industry until
A) the original firm is driven into bankruptcy. B) the firm's demand curve is perfectly elastic. C) the firm exits the market. D) the firm's demand curve is tangent to its average total cost curve.
Which of the following could decrease the demand for yen in the foreign exchange market?
a. a higher inflation rate in Japan b. higher interest rates in Japan c. lower prices in the U.S. d. a depreciation of the dollar e. an appreciation of other currencies
A change in the expected price level is likely to cause which of the following?
a. a shift in the short-run aggregate supply curve and long-run aggregate supply curve b. a shift in the short run aggregate supply curve c. a shift in the aggregate demand curve d. a shift in the long-run aggregate supply curve
The production possibilities curve represents the fact that:
A) the economy will automatically end up at full employment. B) an economy's productive capacity increases proportionally with its population. C) if all resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced. D) economic production possibilities have no limit.