Price leadership is an example of the Cournot model.
Answer the following statement true (T) or false (F)
False
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The establishment of well-defined property rights increases:
A. the unemployment rate. B. the amount of pollution. C. average labor productivity. D. the labor force participation rate.
Economics examines the options open to households and business firms, but ignores the options of governments and entire societies.
Answer the following statement true (T) or false (F)
For the past 40 years the Federal Reserve has expressed policy in terms of a target value for:
A. open market operations. B. bank reserves. C. the Federal Reserve discount rate. D. the federal funds rate.
Refer to Figure 11-5. The vertical difference between curves F and G measures
A) sunk costs. B) average fixed costs. C) marginal costs. D) fixed costs.