The average number of times each dollar is used per year to buy goods and services in the economy is called the _________.
Fill in the blank(s) with the appropriate word(s).
velocity
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How would a decrease in price of Blu-Ray movies affect the demand for Blu-Ray players?
A. Decrease the demand B. Increase the demand C. Increase in supply D. Increase in quantity demanded
Suggest two policies the government could pursue to help increase the accumulation of knowledge
What will be an ideal response?
The law of diminishing marginal returns states
A) that at some point, adding more of a fixed input to a given amount of variable inputs will cause the marginal product of the variable input to decline. B) that at some point, adding more of a variable input to a given amount of a fixed input will cause the marginal product of the variable input to decline. C) that in the presence of a fixed factor, at some point average product of labor starts to fall as more and more variable inputs are added. D) average total costs of production initially fall and after some point starts to rise at a decreasing rate as output increases.
Refer to the information provided in Figure 14.1 below to answer the question(s) that follow.
Figure 14.1Refer to Figure 14.1. Six firms that produce chewing gum form a cartel. The cartel faces the market demand curve given by D. To maximize profits, the cartel should produce ________ packs of chewing gum and the price should be ________.
A. 12,000; $.40 B. 16,000; $.35 C. 12,000; $.25 D. 14,000; $.30