The goods produced by oligopolists are close substitutes
Indicate whether the statement is true or false
T
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Refer to the table below. If Fresh Laundry is currently producing 6 quality units, to maximize profit, Fresh Laundry should ________ the number of quality units as the current quality marginal revenue is ________ than its marginal cost.
Fresh Laundry is a firm that produces laundry detergent. The table above summarizes Fresh Laundry's product quality marginal revenue and marginal cost at various quality levels.
A) decrease; greater
B) increase; less
C) increase; greater
D) decrease; less
One fundamental idea in macroeconomics about inflation is:
A. if all wages rise, then inflation doesn't really affect anyone's purchasing power. B. when all prices rise, inflation occurs and everyone is worse off. C. keeping prices constant is the only way to ensure increasing purchasing power over time. D. if all prices decline, the purchasing power of everyone declines.
Nearly _____________ of the world's people have never made a phone call.
Fill in the blank(s) with the appropriate word(s).
Which of the following equations represents GDP for a closed economy?
a. Y = C + I + G + T b. S = I - G c. I = Y - C + G d. Y = C + I + G