"The unemployment rate is too high" is an example of a positive economic statement
Indicate whether the statement is true or false
FALSE
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If expectations are adaptive, how will the economy adjust to a new long-run equilibrium in response to expansionary monetary policy? Support your answer with a graph of the Phillips curve
What will be an ideal response?
The law of diminishing returns causes a firm's short-run marginal cost curve to be s-shaped
a. True b. False Indicate whether the statement is true or false
Which of the following is not a characteristic of a monopoly?
a. barriers to entry b. one seller c. one buyer d. a product without close substitutes
Which of the following statements best describes a price ceiling?
(a) The maximum price that consumers will pay for a product/service. (b) A price ceiling will cause an excess demand for a good/service. (c) A price lower than the market equilibrium price. (d) All of the above.