The demand curve facing the monopolistically competitive firm is:
A. flat.
B. vertical.
C. U-shaped.
D. None of these statements is true.
D. None of these statements is true.
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For a commodity or token to be money it must
A) be accepted in exchange for all other goods and services. B) have a double coincidence of wants. C) be backed by government precious metals, like gold. D) be paper. E) be issued by the government or a government agency.
The Pre-Existing Condition Insurance Plan is a federally administered part of the Affordable Care Act, and is designed for people with pre-existing medical conditions to obtain insurance. By offering health insurance to all U.S
citizens with pre-existing medical conditions, the Pre-Existing Condition Insurance Plan eliminates ________ for both the insurer and the insured, and eliminates ________ for the issuer of the insurance policy. A) the principal-agent problem; moral hazard B) adverse selection; the principal-agent problem C) asymmetric information; adverse selection D) moral hazard; adverse selection
"Unemployment increased in the last month to its highest level in the past ten years." This quote would be an example of:
a. A normative economic statement b. A positive economic statement c. The fallacy of composition d. Post hoc, ergo propter hoc fallacy
Because increases in inflation reduce planned spending and short-run equilibrium output:
A. the short-run aggregate supply line is downward sloping. B. the aggregate demand curve is horizontal. C. the aggregate demand curve is upward sloping. D. the aggregate demand curve is downward sloping.