As price increases, additional suppliers are willing to produce a commodity
a. True
b. False
Indicate whether the statement is true or false
True
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What does it mean for a firm to be a price taker in the labor market?
What will be an ideal response?
In one month, Moira can knit 2 sweaters or 4 scarves. In one month, Tori can knit 1 sweater or 3 scarves. Together, they could produce more output in total if Moira knits only sweaters and Tori knits only scarves
a. True b. False Indicate whether the statement is true or false
Suppose that real GDP is initially $100 trillion and the government attempts to increase real GDP to $101 trillion. The marginal propensity to consume is 0.75, and every $1.00 increase in real government spending crowds out $0.50 in real planned investment expenditures. How much increase in real government spending could lead to the desired level of real GDP?
A. $500 billion B. $0 C. $250 billion D. $100 trillion
The profit earned by an industry is likely to be low if the
A. degree of rivalry among industries is low. B. industry has only a few large customers. C. product produced in the industry has only a few substitutes. D. industry has many customers.