When OPEC cut energy production in 1973, the aggregate supply curve shifted outward.
Answer the following statement true (T) or false (F)
False
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Among the most important demand side factors explaining homes prices would be the
A. growing shortage of real estate agents. B. adoption of CAFTA. C. relative price of hybrid vehicles. D. level of mortgage interest rates.
If TR > TVC but TR < TC, a firm would ________ in the short run and ________ in the long run.
A. operate; expand B. shut down; expand C. shut down; exit the industry D. operate; exit the industry
The economy's self-correcting mechanism always tends to push the unemployment rate back toward a specific rate of unemployment called
a. the ideal rate of unemployment. b. the natural rate of unemployment. c. the full rate of unemployment. d. the mature rate of unemployment.
Amanda inherited the only local cable TV/Internet company in town after her father passed away. The company has a local monopoly on the delivery of high-speed Internet service. The company is completely unregulated by the government and is therefore free to operate as it wishes. Assume that Amanda understands the true power of her new monopoly. Which of the following statements is (are) correct?
(i) She will be able to set the price of high-speed Internet service at whatever level she wishes. (ii) The customers will be forced to purchase high-speed Internet service at whatever price she wants to set. (iii) She will be able to achieve any profit level that she desires. a. (i) only b. (ii) only c. (i) and (iii) only d. (i), (ii), and (iii)