Place point X on the graph to indicate an unemployment rate of 10 percent.
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Compare and contrast the classical and Keynesian schools of thought for the following economic issues. (a) The flexibility of wages and prices. (b) The importance of macroeconomic policies
What will be an ideal response?
Monopolistically competitive firms face downward sloping residual demand curves because these firms
A) have relatively few rivals (compared to competition). B) sell differentiated products. C) A and/or B. D) None of the above.
How long is the "short-run" time period in the economic analysis of the market?
A) three months or one business quarter B) total time in which sellers already in the market respond to changes in demand and equilibrium price C) total amount of time it takes new sellers to enter the market D) total amount of time it takes original sellers to leave the market
Define the following terms and explain their importance to the study of economics
a. principle of marginal productivity b. marginal physical product c. marginal revenue product d. derived demand e. economic rent