As the price of a product rises, the quantity supplied decreases.
Answer the following statement true (T) or false (F)
False
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The U.S. government would never approve a proposed merger between two firms that could significantly increase the newly merged firm's market power even if the efficiency gains from the newly merged firm could make consumers better off
Indicate whether the statement is true or false
Which of the following environmental issues overflow national boundaries and so might be addressed multilaterally?
a. dams b. the ozone layer c. global warming d. biodiversity loss e. all of the above
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The production possibilities curve is a graph of:
A. The maximum amounts of labor and capital resources available for production B. Various combinations of goods and services among which consumers are indifferent C. The maximum combinations of products that can be produced D. The maximum amount of capital and labor that the economy can employ