In the above figure, the efficient amount of output is ________ units
A) 25
B) 50
C) 75
D) 100
C
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An oligopoly market consists of:
a. many firms which produce a standardized product. b. at least five firms one of which dominates the market. c. firms that make independent pricing and output decisions. d. a group of firms that dominate the market. e. firms which face perfectly elastic demand curves.
There are a number of "trade-offs" in economics. The production possibilities curve depicts the trade-off between producing one set of goods and another, such as consumption and capital goods. The trade-off between inflation and unemployment is yet another and is depicted by the
a. Laffer curve b. aggregate supply curve c. Phillips curve d. aggregate demand curve e. Keynesian curve
Suppose the nation's price level rises as a result of an increase in aggregate demand and a decrease in aggregate supply which leaves output unchanged. If the Fed is required to follow a rule that stabilizes the price level, what will the Fed do to the money supply and what impact will this have on total output in the economy?
The four components that make up GDP in the expenditure approach are:
A. C, I, G, and NX. B. C, Im, G, and EX. C. K, I, G, and NX. D. C, I, G, and EX.