Which of the following statements is true?
A) Monetarists believe that the government should be very involved in managing and directing the economy.
B) Monetarists believe that the economy is self-regulating.
C) There is very little difference between monetarist and Keynesian thought.
D) Monetarists hold that velocity is constant.
E) a and c
B
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In a perfectly competitive market, when the price is below the minimum average total cost for all firms:
A. accounting profits will be positive. B. firms will likely enter the market. C. the price will eventually rise once enough firms have left the market. D. economic profits will be equal to zero.
An increase in the rate of interest, other things being equal, will cause a(n):
a. downward shift in the investment demand curve. b. movement downward along the investment demand curve. c. movement upward along the investment demand curve. d. upward shift in the investment demand curve.
Refer to the following graph to answer the question:
The price elasticity of demand over the price interval $90 to $110 is
A. -2.0 B. -1.0 C. -0.5 D. -1.5 E. -0.4
Which statement is true?
A. Monopoly will result in a higher price and a larger output than pure competition. B. Monopolistic competition will result in a lower price and a lower output than pure competition. C. Monopoly will result in a higher price and a larger output than monopolistic competition. D. Pure competition will result in a lower price and a higher output than monopolistic competition.