A group of buyers and sellers of a particular good or service is called a(n)
a. coalition.
b. economy.
c. market.
d. competition.
Ans: c. market.
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Consider the market for cable television in the figure above. This graph depicts a natural monopoly because the
A) marginal cost curve is constant. B) demand curve is downward sloping. C) average cost curve is declining as it crosses the demand curve. D) marginal revenue curve is downward sloping.
Which of the following would shift the aggregate expenditure line upward?
a. an increase in labor supply b. a decrease in labor demand c. a decrease in government spending d. a decrease in net exports e. an increase in autonomous consumption spending
According to the textbook, demand and supply determine prices, and prices allocate scarce resources in the economy.
a. true b. false
Explain why even small changes in the rate of economic growth are significant. Use the “rule of 70” to demonstrate the point.
What will be an ideal response?