The purchasing power of money:
A. is not impacted by inflation, only by monetary policy.
B. decreases as the price level decreases.
C. decreases with inflation.
D. rises when inflation rises.
Answer: C
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Consumption goods and services include
A) washing machines and tickets to football games. B) new homes and existing homes (as long as improvements have been made to the existing home). C) tickets to concerts and medical care provided to veterans by the government. D) new and used textbooks as long as they are sold via stores or online. E) vacation time accumulated by workers.
Both an increase in employment opportunities and an increase in immigration lead to a shift to the right in the supply curve for labor
Indicate whether the statement is true or false
It is not true in the long run of monopolies that
A. other firms seeking positive economic profit enter the market. B. they earn positive economic profit. C. they sell their output at a price greater than marginal cost. D. they benefit from barriers to entry.
Most markets in the economy are highly competitive
a. True b. False Indicate whether the statement is true or false