The kinked demand curve model explains pricing in monopoly markets.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
While the demand for beer is relatively price inelastic, the price elasticity of demand for a particular brand is relatively high, due in large part to availability of close substitutes
Indicate whether the statement is true or false
A mixed economy is one that combines public and private ownership of property
a. True b. False Indicate whether the statement is true or false
There are several criticisms of the minimum wage. Which of the following is not one of those criticisms? The minimum wage
a. often hurts those people who it is intended to help. b. results in an excess supply of low-skilled labor. c. prevents some unskilled workers from getting needed on-the-job training. d. fails to raise the wage of any employed person.