Which of the following statements best describes the scientific method?
a. The use of modern electronic testing equipment to understand the world.
b. The unbiased development and testing of theories about how the world works.
c. The use of controlled laboratory experiments to understand the way the world works.
d. Finding evidence to support preconceived theories about how the world works.
B
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Producers in perfect competition receive a smaller producer surplus than a monopoly producer
Indicate whether the statement is true or false
Monopolistic competition is similar to
a. perfect competition because the firms face downward-sloping demand curves and can earn only a normal profit in the long run b. pure monopoly because the firms face downward-sloping demand curves and can earn only a normal profit in the long run c. perfect competition because the firms face downward-sloping demand curves and similar to pure monopoly in that the firms can earn only a normal profit in the long run d. pure monopoly because the firms face downward-sloping demand curves and similar to perfect competition in that the firms can earn only a normal profit in the long run e. pure monopoly because the firms face downward-sloping demand curves and can earn an economic profit in the long run
The point at which the aggregate expenditure line intersects the vertical axis is determined by the marginal propensity to consume and real interest rate
a. True b. False Indicate whether the statement is true or false
When a country that imports a particular good imposes an import quota on that good,
a. consumer surplus increases and total surplus increases in the market for that good. b. consumer surplus increases and total surplus decreases in the market for that good. c. consumer surplus decreases and total surplus increases in the market for that good. d. consumer surplus decreases and total surplus decreases in the market for that good.