The building of the ________ were the key development in opening the era of mass production and mass consumption.
Fill in the blank(s) with the appropriate word(s).
transcontinental railroads
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Refer to Figure 13-1. Ceteris paribus, an increase in firms' expectations of the future profitability of investment spending would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
If new entry occurs in a perfectly competitive industry, the demand curve for each existing firm will: a. shift up
b. shift down. c. shift right. d. shift left.
An increase in investment, combined with an increase in imports, would have what effect on aggregate demand? a. AD would increase
b. AD would decrease. c. AD would stay the same. d. AD could either increase or decrease, depending on which change was of a greater magnitude.
If there are no profits in competitive equilibrium, why do firms produce? How can they stay in business?