Refer to the data above. The marginal propensity to consume is:
.40
.75
.60
.80
.60
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Other things equal, a price ceiling will increase consumer surplus by allowing customers to buy more at the lower price
a. True b. False Indicate whether the statement is true or false
In the money market, equilibrium is achieved:
a. in the long run by the adjustment of interest rates. b. in the short run by the adjustment of prices. c. in the long run by the adjustment of prices. d. in the short run by changes in the money supply.
Demand for Shell gasoline will increase if the price of:
A. Shell gasoline decreases. B. Motor vehicles increases. C. BP gasoline increases. D. BP gasoline decreases.
In a monopolistically competitive industry,
A. firms are small relative to the total market. B. firms are large relative to the total market. C. there is only one firm. D. firms can be either large or small relative to the total market.