Which of the following is true for the agriculture market?
A. Individual farmers face a vertical demand curve.
B. The law of demand does not apply.
C. Individual farmers face a horizontal demand curve.
D. Farmers have market power.
Answer: C
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
The set of all assets that are regularly used to directly purchase goods and services is called:
A. money. B. fungible goods. C. consumption income. D. disposable income.
The economy has an annual inflation rate of 3.5%. It will take approximately how many years for the price level to double?
A. 28 years B. 21 years C. 10 years D. 35 years
Recall the Application about the price competition between satellite and cable TV services to answer the following question(s).Recall the Application. In most cases where satellite TV service is introduced in an area with cable TV service, the quality of the cable TV service usually:
A. increases. B. decreases. C. initially increases, then decreases. D. is unaffected.