Refer to the accompanying figure. If Laura and Chris are the only two consumers in this market, then when the price of hamburger decreases from $2.50 to $2.00 per pound, the quantity demanded in the market will ________ by ________ pound(s) per week.
A. increase; 1.5
B. decrease; 1
C. decrease; 1.5
D. increase; 1
Answer: A
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In a monopolistically competitive equilibrium, firms outside the industry could make at most zero profit by entering the industry.
Answer the following statement true (T) or false (F)
The Keynesian model agrees with monetarists and new classical models about the fact that
a. changes in the money supply drive most changes in aggregate demand. b. aggregate supply is upward sloping because of differences between actual and expected price levels. c. changes in aggregate demand drive business cycles. d. Both b and c e. None of the above
Sometimes what we think is a collective consumption good only has those characteristics because of _____
a. high fixed costs. b. private production c. economies of scale d. government production
According to Walton and Rockoff, the recession of 1937 and 1938 could be attributed to ______ and ______
a. the decline in world trade fostered by German and Japanese policies of self sufficiency, open market gold sales by the Federal Reserve b. increases in taxes, open market gold sales by the Federal Reserve c. increases in taxes, increases in bank required reserve ratios d. the decline in world trade fostered by German and Japanese policies of self sufficiency, increases in bank required reserve ratios