A positive temporary supply side shock will:
A. increase the level of potential output in the long run.
B. decrease the price level in the long run.
C. increase the price level in the long run.
D. have no effect in the long run.
Answer: D
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Which of the following statements is true?
A) If the price of a good is raised and total revenue does not change, demand is perfectly elastic. B) If the price of a good is lowered and total revenue increases, demand is inelastic. C) If the price of a good is lowered and total revenue decreases, demand is elastic. D) If the price of a good is raised and total revenue increases, demand is inelastic.
During this century, court decisions on antitrust have
a. changed from per se, to rule of reason, and back to per se b. changed from rule of reason, to per se, and back to rule of reason c. always emphasized per se d. always emphasized rule of reason e. varied from judge to judge without following any pattern
A ____________ is a gamble in which the expected value of the gamble is equal to 0.
Fill in the blank(s) with the appropriate word(s).
A good for which demand decreases when income decreases is known as a(n) ________ good.
A. normal B. inferior C. complementary D. substitute