According to the monetarists, the primary cause of changes in real output and the price level is changes in ____________.
Fill in the blank(s) with the appropriate word(s).
the money supply
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An economic community
(a) attempts to raise prices by restricting quantity. (b) seeks to stabilize commodity prices. (c) seeks concessional loans. (d) imposes a common external tariff. (e) none of the above.
World War II was the first event that provided the federal government with incentive to support labor unions and help them achieve some of their goals
Indicate whether the statement is true or false
A firm observes that in order to minimize the average cost, it must produce 25,000 units of output. Suppose the government imposes a specific tax on the output of the firm
Will the output level required to minimize the average cost increase, decrease, stay the same or is it uncertain? Can you tell how much the minimum average cost will change by? Explain.
We cannot predict the effect on the market clearing price, but know that the equilibrium quantity will decrease when
A) supply increases and demand decreases B) supply decreases and demand increases. C) supply and demand for a product simultaneously decrease. D) supply and demand for a product simultaneously increase.