On the basis of the law of demand, it is more likely that a person will lose his temper when the price of losing his temper is low than when it is high
Indicate whether the statement is true or false
True
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Equilibrium expenditure is the level of expenditure at which
A) aggregate planned expenditure minus planned changes in inventories equals real GDP. B) aggregate planned expenditure plus planned changes in inventories equals real GDP. C) firms' inventories are zero. D) firms produce more output than they sell. E) firms' inventories are at the desired level.
If a perfect competitor faces P = ATC in the long run, the firm will
A) earn economic profits. B) earn economic losses. C) leave the industry. D) remain in the industry.
Which of the following statements is true of the trends in wealth inequality?
A. The share of the top 10 percent, which was 67% in 1989, grew to 75.3% by 2013. B. The wealth shares of the bottom 90 percent and top 10 percent have decreased by 30% from 1989 to 2013. C. The wealth shares of the bottom 90 percent and top 10 percent have increased by 30% from 1989 to 2013. D. The share of the bottom 90 percent, which was 67% in 1989, grew to 75.3% by 2013.
Which of the following will NOT cause market supply to increase?
A) an increase in the number of firms supplying the product in the market B) a change in technology which allows a larger level of production at every price C) an increase in the costs of resources used to produce the product D) a decrease in labor costs