In a perfectly competitive market with 100 identical firms producing at market price p1
A) the supply curve is flatter than if there were only 50 identical firms.
B) the supply curve is more elastic than if there were only 50 identical firms.
C) the firms have identical marginal costs.
D) All of the above.
D
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All of the following would increase the growth rate of the economy EXCEPT
A) raising the saving rate. B) stimulating research and development. C) discouraging international trade. D) None of the above answers is correct because they all would increase the growth rate.
If goods A and B are complements, then
A) the cross elasticity of demand between A and B is negative. B) the cross elasticity of demand between A and B is positive. C) their income elasticities of demand are both greater than 1. D) their income elasticities of demand are both less than 1.
The demand for labor is a derived demand
a. True b. False Indicate whether the statement is true or false
The multiplier can be expressed as the ratio of the change in Y over the change in I
a. True b. False Indicate whether the statement is true or false