Intermediate goods and services are one of the largest components of the expenditure approach to measuring GDP
Indicate whether the statement is true or false
FALSE
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The quantity supplied of a good is the amount that a. buyers are willing and able to purchase
b. sellers are able to produce. c. buyers and sellers agree will be brought to market. d. sellers are willing and able to sell.
The unemployment that results from the process of matching workers and jobs is called structural unemployment
a. True b. False Indicate whether the statement is true or false
When a profit-maximizing firm in a monopolistically competitive market charges a price higher than marginal cost,
a. the firm must be earning a positive economic profit. b. the firm may be incurring economic losses c. there is a deadweight loss to society, but it is exactly offset by the benefit of excess capacity. d. new firms will enter the market in the long run.
A major problem of owning a corporation is unlimited liability.
Answer the following statement true (T) or false (F)