First and foremost, a market consists of
a. substitute goods
b. complementary goods
c. goods produced by the same firm
d. goods produced with the same inputs
e. goods that serve dissimilar purposes, which is why they are grouped
A
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If demand is inelastic, the absolute value of the price elasticity coefficient is greater than one
Indicate whether the statement is true or false
Camille's Chicken operates in a monopolistically competitive market. If Camille implements a new free delivery service for customers,
a. this is an example of advertising b. this is a form of nonprice competition c. total revenue will increase d. total cost will decrease e. her firm will be acting as if it were perfectly competitive market
If fluctuations in economic activity emanate from the supply side, higher rates of inflation will be associated with higher rates of unemployment, and lower rates of inflation will be associated with lower rates of unemployment.
Answer the following statement true (T) or false (F)
With the additional leakages of imports and taxes in additional to savings in a public, open economy, how is the economy still able to reach equilibrium?
What will be an ideal response?