As the level of disposable income rises and we get to the right of where the C line crosses the 45-degree line, the APC changes from ____________ to ___________.
Fill in the blank(s) with the appropriate word(s).
above one; less than one
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The economic system of which of the following countries can be treated as an example of a command economy?
a. United States b. Canada c. United Kingdom d. Cuba
Unlike a perfectly competitive firm, a monopolistically competitive firm can incur a loss in the long run
a. True b. False Indicate whether the statement is true or false
A change in the money supply can affect one or more of the components of spending and therefore shift the short-run aggregate supply (SRAS) curve
Indicate whether the statement is true or false
Which of the following is an example of entrepreneurship?
A) a student who produces and sells t-shirts at a football game B) all of the above C) an employee who figures out how to make her services more valuable to the business for which she works D) a 15-year old who operates a lemonade stand during hot summer days