All the problems studied in economics arise from
a. the unequal distribution of income
b. overpopulation
c. the scarcity of resources
d. inappropriate government action
e. war
C
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
The quantity demanded of a good reflects
A) the number of units of a good people actually purchase. B) the number of units of a good suppliers will provide. C) the number of units of a good people plan to purchase at different prices. D) the number of units of a good people need to purchase.
How does the short-run equilibrium of a monopolistic competitor differ from a monopolist? How does it differ from a perfect competitor?
What will be an ideal response?
If a firm experiencing "economies of scale" decreases its output, its long-run average cost will decrease
a. True b. False