A decrease in the demand for beef because of concerns over cholesterol results in
A) lower beef prices.
B) higher beef prices.
C) an increase in the supply of beef.
D) an offsetting increase in the demand for beef if the price of beef falls.
A
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A perfectly competitive firm's economic profit is maximized by producing the amount of output such that
A) total revenue equals total variable cost. B) marginal revenue equals marginal cost. C) total revenue equals total cost. D) marginal revenue is equal to total revenue.
Each property has unique features, whether it is its age, the building design of its structures, or its location. As such, real estate markets consist of assets that are considered:
A. homogeneous B. heterogeneous C. substitutes D. complements
Which of the following features are relevant for determining the extent of a market?
A. Its geographical boundaries B. Technological innovations that would reduce the cost of production C. The range of products to be included in it D. both A and C E. both A and B F. both A and C
The concept of the monetary policy rule is based on the assumption that:
A. discretionary fiscal policy crowds out investment spending. B. the natural rate of unemployment is constant in the long run. C. monetary policy lags are shorter than fiscal policy lags. D. the velocity of money is constant in the short run.