Price decreases always increase economic efficiency.
Answer the following statement true (T) or false (F)
False
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Refer to the table below. Suppose the columns in this table reflect demand and supply. At a price of $30:Price PerUnitColumn A UnitsPer YearColumn B UnitsPer Year$2010040$309550$408060$506570$605080
A. there will be an excess supply of 45 units. B. there will be an excess demand of 45 units. C. the market will be in equilibrium. D. there will be an excess demand of 95 units.
Suppose that in Germany total annual output is worth $600 million and people work 40 million hours. In France total annual output is worth $700 million and people work 50 million hours. In which country do people enjoy a higher standard of living?
The long-run supply curve for a perfectly competitive, constant-cost industry
A) is upward-sloping. B) is horizontal. C) is downward-sloping. D) is found by adding up the marginal cost curves for all firms in the industry.
Since 1900, real GDP in the United States has grown
A) more rapidly than the population. B) more slowly than the population. C) as rapidly as the population. D) in a random unpredictable manner relative to the population.