If real GDP is less than nominal GDP and prices have not changed from the base-year prices, then production must have declined
Indicate whether the statement is true or false
FALSE
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If the Pareto criteria are taken literally, _____ percent of United States residents must agree for a policy change to be a move towards efficiency
a. 25 b. 50 c. 75 d. 100
Relative prices describe the terms at which individual goods are exchanged for one another
a. True b. False Indicate whether the statement is true or false
Market structures are defined by all of the following except the
a. number of firms b. level of prices c. ease with which new firms can enter d. presence of substitute goods e. existence of barriers to entry
The demand curve confronting a nondiscriminating pure monopolist is:
A. more elastic than the demand curve confronting a competitive firm. B. derived by vertically summing the individual demand curves competitors. C. the same as the industry's demand curve. D. horizontal.