If the absolute price of a car is $20,000 and the relative price of a computer is 20 cars, it follows that the absolute price of a car is
a. $400.
b. $4,000.
c. $100.
d. $1,000.
Answer: d. $1,000.
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A car dealership union negotiates a contract that dramatically increases all salesmen's salaries. If one of the salesman is thinking of changing careers to be a hardware salesman, his opportunity cost
a. would not be affected b. of becoming a hardware salesman would decrease c. of becoming a hardware salesman would increase d. none of the above
Monopolistically competitive markets feature heterogeneous products
a. True b. False Indicate whether the statement is true or false
An aggregate demand (AD) curve shows the
A) amount of a particular good people are willing and able to buy at a particular price, ceteris paribus. B) real output (Real GDP) people are willing and able to sell at different price levels, ceteris paribus. C) real output (Real (GDP) people are willing and able to buy and to sell at different price levels, ceteris paribus. D) real output (Real GDP) people are willing and able to buy at different price levels, ceteris paribus.
Refer to the above figure. Which panel represents the long-run situation for a monopolistically competitive firm?
A. Panel A B. Panel B C. Panel C D. Panel D