An increase in the price level shifts the IS curve to the left.
Answer the following statement true (T) or false (F)
False
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When people cannot be excluded from consuming a good, even if they have not paid for the good, competitive markets would
A) produce more of the good than society needs. B) allocate more resources than the efficient amount to the production of the good. C) produce the good so that people could enjoy a "free ride." D) produce less than the efficient quantity. E) eliminate the deadweight loss.
Economic efficiency requires that a natural monopoly's price be
A) equal to average variable cost where it intersects the demand curve. B) equal to average total cost where it intersects the demand curve. C) equal to the lowest price the firm can charge and still make a normal profit. D) equal to marginal cost where it intersects the demand curve.
The number of times per year a dollar is used to transact an exchange is known as
a. liquidity of money b. velocity of money c. quantity theory of money d. equation of exchange e. rapidity index
Table 25.2Pool SweeperOutput (Revenue)Market Share (%)North Star$20,000 Hurricane$16,000 Blue Lagoon$2,000 Clean Sweep$2,000 Refer to Table 25.2. Assume there are only four firms in the pool sweeper industry. What is the Herfindahl-Hirschman Index for this industry?
A. 4,125. B. 50. C. 4,150. D. 2,500.