An economic model is a complex version of reality used to analyze real-world economic situations
Indicate whether the statement is true or false
FALSE
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Compared to a single-price monopoly, the output of a perfectly competitive market with the same costs
A) is more than the monopoly's output. B) is the same as the monopoly's output. C) is less than the monopoly's output. D) could be more than, less than, or equal to the monopoly's output.
Lara will agree to a second date with Tom only if, on their first date, Tom is well mannered and well dressed. Lara is using a
a. Screening mechanism b. Signaling mechanism c. All of the above d. None of the above
If M increases and V decreases: a. nominal GDP increases
b. nominal GDP decreases. c. nominal GDP stays the same. d. there is an indeterminate effect on nominal GDP.
Dana spends $10,000 on remodeling a storefront that she then opens as a shoe store. The business has not been very successful, and she needs an additional $3,000 to keep the shoe store open. Which of the following is TRUE?
A) The $10,000 Dana spent on remodeling represents a part of the total variable cost of her business. B) The $3,000 represents her marginal costs of production. C) The $10,000 Dana spent on remodeling is a fixed cost of her business. D) The $3,000 Dana needs to keep the deli open represents her total fixed costs.