Answer the following statement(s) true (T) or false (F)
1. An increase in the number of sellers leads to a decrease in supply.
2. Changes to the market price can bring supply and demand together.
3. At the equilibrium quantity, the quantity demanded equals the quantity supplied.
4. At $3 per pound, the quantity of oranges demanded is 2,000 pounds and the quantity supplied is 4,000 pounds. As a result, there is a shortage at this price.
1. False
2. True
3. True
4. False
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An editorial in a newspaper calling for the government to abolish the minimum wage because it takes advantage of consumers is an example of a(n)
a. positive economic statement. b. pure economic statement. c. normative economic statement. d. abstract economic statement.
Due to Pigou's "defective telescopic faculty," a market economy is inefficient in allocating resources between the present and the future
a. True b. False Indicate whether the statement is true or false
Which of the following conditions distinguishes monopolistic competition from perfect competition?
A. Number of sellers B. Freedom of entry and exit C. Perfect information D. Homogeneity of the product
Refer to Figure 16.2. For the given Phillips curve, an increase in aggregate demand, ceteris paribus, could cause a
A. Movement from point B to point A. B. Movement from point A to point B. C. Rightward shift in the curve. D. Leftward shift in the curve.