For a demand schedule, which of the following is held constant?
A) relative prices
B) quantity demanded
C) quality of the good
D) nominal prices
C
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If indifference curves and budget lines are used to analyze consumer choice, an inferior good will
A. escape detection when income rises. B. be easily identified because the quantity purchased will fall as income rises. C. be easily identified because the quantity purchased will rise as income rises. D. be easily identified because it will change the slope of the budget line. E. escape detection because this model does not show that relationship.
The more nearly horizontal the aggregate supply curve, the
A) greater the change in Real GDP for a given change in autonomous spending. B) smaller the change in Real GDP for a given change in autonomous spending. C) larger the multiplier. D) smaller the multiplier. E) a and c
A risk lover enjoys the gamble and the thrill of taking the risk enough that it adds ___________ to their income to take the gamble
Fill in the blank(s) with the appropriate word(s).
Allocative inefficiency due to unregulated monopoly is characterized by the condition:
A. P = MR. B. P > MC. C. P > AVC. D. P = MC.