When the cross elasticity of demand between one product and all other products is low, one is generally referring to a(n) ____ situation
a. oligopoly
b. monopoly
c. pure competition
d. substitution
e. monopolistic competition
b
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If an economy is fully utilizing its resources, it can produce more of one product only if it
A) produces less of another product. B) reduces the prices of the most expensive products. C) adds more people to the labor force. D) doubles manufacturing of the product.
List the factors that change supply and shift the supply curve. Tell what happens to supply and the supply curve when there is an increase in the factor
What will be an ideal response?
In the open-economy macroeconomic model, which of the following increases net capital outflow?
a. a fall in the real exchange rate, but not a fall in the real interest rate b. a fall in the real interest rate, but not a fall in the real exchange rate c. both a fall in the real exchange rate and a fall in the real interest rate d. neither a fall in the real exchange rate nor a fall in the real interest rate
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.