According to the kinked demand curve model, if an oligopolistic firm lowers its price, it should expect to see its total revenue:
A) increase.
B) stay the same.
C) decrease
D) cannot be determined without more information.
C
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The dates of the "official" peaks and troughs of business cycles in the United States are determined by the:
A. Congressional Budget Office. B. Federal Reserve Board. C. Council of Economic Advisers. D. National Bureau of Economic Research
The internet has changed how people shop for clothes, electronics, and other goods. Because of online shopping, many retailers have closed or shut down. How has this affected goods like clothes?
A. The supply of goods like clothes will decrease. B. The demand for goods like clothes will increase. C. The supply of goods like clothes will increase. D. The demand for goods like clothes will decrease.
In the short run when prices don't have enough time to change, the Federal Reserve
A) can influence the level of interest rates in the economy but generally will not because it would be destabilizing. B) can only affect the amount of money in the economy. C) can influence the level of interest rates in the economy. D) cannot influence the level of interest rates in the economy.
In the short run, the equilibrium level of real GDP
A) is necessarily less than potential GDP. B) is necessarily equal to potential GDP. C) is necessarily greater than potential GDP. D) could be less than, equal to, or greater than potential GDP.