If buyers of a monopolistically competitive product feel the products of different sellers have little differences between them, then the demand for each seller's product is relatively elastic
Indicate whether the statement is true or false
TRUE
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Which of the following statements is true?
A) Savings deposits are a part of M2, but not M1. B) M1 is sometimes referred to as the "broad definition of the money supply". C) Time deposits are a part of M1, but not M2. D) M1 is a larger dollar amount than M2.
These are the cost and revenue curves associated with a firm.
If the firm in the given graph were to maximize profits, it would:
A. earn zero economic profits. B. cause deadweight loss. C. produce Q1 and charge P3. D. All of these statements are true.
Average propensity to consume
A. is the same as the break-even point. B. is the proportion of total disposable income that is consumed. C. is the amount of consumption that is independent of the level of disposable income. D. gives the amount a person changes planned consumption for a change in real disposable income.
How do economists differentiate present value from future value?
What will be an ideal response?