If Producer A and Producer B are the only producers in the market, then the market quantity supplied when the price is $4 is
Ans: At price $4 producer A will produce 4 unit and producer B will produce 8 unit. Total 12 unit will be produced. Market quantity supply 12.
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A) consumption B) investment C) government purchases D) net exports
In the above figure, an increase in aggregate demand has resulted in
A) a decline in the price level. B) economic growth. C) an inflationary gap. D) a recessionary gap.
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A. horizontal; constant returns to scale B. downward sloping; constant returns to scale C. upward sloping; diseconomies of scale D. downward sloping; economies of scale
A monopolistically competitive firm ________
A) can increase price without losing all of its business B) loses all of its business if it increases price slightly C) faces a perfectly elastic demand curve D) faces a perfectly inelastic demand curve