Refer to the above figure. Which panel shows a possible short-run equilibrium for monopolistic competition, but is NOT also a long-run equilibrium?
A. Panel A
B. Panel B
C. Panel C
D. Panel D
Answer: A
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To increase its economic growth, a nation should
A) limit the number of people in college because they produce nothing. B) encourage spending on goods and services. C) encourage education because that increases the quality of labor. D) increase current consumption. E) eliminate expenditure on capital goods.
Which is an example of money as a unit of account?
a. purchasing a toy for $8.99 b. lending a friend $25.00 c. opening a savings account at a bank d. checking the price of a camera at several stores before buying it at the lowest price
Define the concept used in economics known as Ockham's Razor
What will be an ideal response?
Two plausible hypotheses to explain the productivity slowdown are
A) measurement problems and adjustments to new technologies. B) large government budget deficits and large balance of trade deficits. C) globalization of capital markets and reductions in tariffs. D) adjustments to new technologies and failures in the educational system.