High opportunity costs go hand in hand with high money costs in a properly functioning economy.
Answer the following statement true (T) or false (F)
True
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Oligopoly firms: a. usually act as if they were a monopoly producer
b. generally charge a price for goods and services equal to marginal cost. c. base their pricing and output decisions on the likely responses of rival firms. d. are isolated from competition by low barriers to entry.
Because markets may not clear for several months or even several years, the classical model
a. is no longer considered valuable by mainstream economists b. has no value when explaining a situation where excess supply exists c. is irrelevant to any discussion of a market in which excess demand exists d. does a better job of explaining short-term fluctuations than long-run growth e. does a better job of explaining long-run growth than short-run fluctuations
How do lags affect stabilization policy? Your answer should include three specific types of lags.
What will be an ideal response?
Property owned by individuals is called:
A. Common property B. Shared property C. Public property D. Private property