A common mistake made by consumers is the failure to take into account the monetary costs of their actions
Indicate whether the statement is true or false
FALSE
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Refer to the data. Diminishing returns begin to occur with the hiring of the _________ unit of labor
A. first
B. second
C. third
D. seventh
The Great Depression of the 1930s opened the door to the ________ revolution in macroeconomic theory
A) Keynesian B) old classical C) New Keynesian D) New classical
The number of firms in an oligopolistic industry
A. must be less than 20. B. must be large enough for firms to be independent. C. must be less than 10. D. must be small enough that firms are interdependent.
Refer to the graph shown. After an increase in supply, the market is in equilibrium where the demand curve intersects S1. In this new equilibrium, consumer surplus is equal to:
A. 2,700. B. 1,500. C. 2,940. D. 1,260.