Advertising never makes sense for an oligopolistic firm
a. True
b. False
Indicate whether the statement is true or false
False
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At a trough in the business cycle, the macroeconomic equilibrium is ________ the level of potential real GDP
A) equal to B) rising above C) greater than D) less than E) None of the above answers is always correct because the relationship depends on whether the previous phase of the business cycle had been a recession or an expansion. The table gives the aggregate demand and aggregate supply schedules for a nation.
The secondary market for bonds is a market for
a. bonds that is smaller than the primary market b. bonds that are not first-class c. previously issued bonds d. bonds that are not substitutes for bonds found in the primary market e. newly issued bonds
When a free market for a good reaches equilibrium, anyone who is willing and able to sell at the market price can sell the good
a. True b. False Indicate whether the statement is true or false
On the graph showing the impact of patent protection on equilibrium price and quantity, while a drug is protected by a patent and priced at a monopoly price, consumer surplus is equal to area ______.
a. a
b. b
c. ab
d. abc