Mutual interdependence is an important characteristic of the ________ market structure(s)
a. monopoly
b. oligopoly
c. monopolistic competition
d. perfect competition
e. perfect competition and monopolistic
B
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The circular flow diagram implies that if accounting is done correctly, ________
A) the flow of income must exceed the implied value of the factors of production B) the implied value of the factors of production must exceed the flow of income C) the flow of expenditure must equal the income of the households making those expenditures D) the flow of expenditure must exceed the income of the households making those expenditures
A rightward shift in the aggregate demand curve can be caused by an increase in:
a. the price level. b. business investment spending. c. taxes. d. production costs.
What incentive is created by a first-come first-serve allocation scheme?
A) To engage in rent-seeking. B) To have the most income. C) To be first. D) To be elected.
When comparing short-run average total cost with long-run average total cost at a given level of output,
a. short-run average total cost is typically above long-run average total cost. b. short-run average total cost is typically the same as long-run average total cost. c. short-run average total cost is typically below long-run average total cost. d. the relationship between short-run and long-run average total cost follows no clear pattern.