Microeconomics only looks at the behavior of one consumer or one firm in a market, while macroeconomics looks at the behavior of an entire industry or group of consumers
Indicate whether the statement is true or false
F
You might also like to view...
Suppose that market demand for a good is Q = 480 - 2p. The marginal cost is MC = 2Q. Calculate the deadweight loss resulting from a monopoly in this market
What will be an ideal response?
An example of a positive externality is
a. pollution because it affects people not directly involved with producing it b. a homeowner's maintenance of a beautiful lawn because this creates a benefit for neighbors c. creating a monopoly d. driving a car that emits pollution e. cigarette smoking because this imposes an indirect cost on people around the smoker
What combination of changes would most likely decrease the equilibrium price?
A. supply increases and demand decreases B. demand increases and supply increases C. supply decreases and demand increases D. demand decreases and supply decreases
Refer to Table 8-11. Real GDP for Tyrovia for 2016 using 2007 as the base year equals
A) $1,140. B) $880. C) $690. D) $560.