The various quantities of output that all market participants are willing and able to buy at alternative price levels in a given time period is:
A. Market demand.
B. Aggregate demand.
C. Market supply.
D. Aggregate supply.
B. Aggregate demand.
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The Law of Demand states that:
A) the demand for a commodity is mostly influenced by consumers' income. B) the quantity demanded of a commodity is the same for all consumers in a perfectly competitive market. C) the quantity demanded of a commodity varies inversely with the price of the commodity. D) the demand for a commodity always equals the supply of the commodity.
Monopolistic competition differs from perfect competition because in monopolistically competitive markets
a. there are barriers to entry. b. all firms can eventually earn economic profits. c. each of the sellers offers a somewhat different product. d. strategic interactions between firms are important.
Suppose that unemployment increases because the government requires employers to provide more funds for their employees' retirement programs. The increase in unemployment is most likely a result of an increase in
A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. the natural rate of unemployment.
An increase in the stock of capital will cause the
A. production possibility frontier to shift outward. B. economy to move closer to its production possibility frontier. C. production possibility frontier to shift inward. D. economy to move down the production possibility frontier.