Firms do not need to be concerned about striking a balance between the price effect and the output effect when making production decisions in which of the following types of markets?
a. oligopoly
b. duopoly
c. monopoly
d. competitive markets
d
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Other things remaining the same, if the quantity of money increases by a given percentage, then in the long run the ________ by the same percentage
A) real interest rate rises B) price level rises C) nominal interest rate falls D) price level falls E) real interest rate falls
Consider a country that produces only two goods: kayaks and coconuts. Suppose it is possible for this country to increase its production of kayaks without producing fewer coconuts. In this case, its current output combination is efficient
Indicate whether the statement is true or false
If people work longer or harder,
a. they are unambiguously worse off b. living standards will rise but nonmarket activities must be sacrificed c. living standards will fall d. more output can be produced, but living standards will fall e. they will have fewer consumer goods to enjoy
Which of the following is NOT a voluntary exchange?
A. Jason pays $20,000 for tuition and fees this semester. B. Jose loses his smartphone on the way home. C. Emily buys a $500 plane ticket to fly from Miami to Dallas on short notice. D. Marie buys groceries.