The assumption of a fixed number of firms is appropriate for analysis of

a. the short run but not the long run.
b. the long run but not the short run.
c. both the short run and the long run.
d. neither the short run nor the long run.


a

Economics

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Answer the following statement true (T) or false (F)

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The Federal Reserve System is owned by:

a. federal government agencies such as the Treasury. b. the Congress of the United States. c. the banks that are members of the Federal Reserve System. d. anyone who buys stock over the counter. e. people who have deposits in member banks.

Economics

Suppose good X has a positive income elasticity of demand. This implies that good X could be (i) a normal good. (ii) a necessity. (iii) an inferior good. (iv) a luxury

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Economics

If the federal government runs a budget deficit, but the budget deficit as a percent of GDP is less than the growth rate of real output, the:

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Economics