The value of an item expressed in today's dollars is known as
A) inflation.
B) deflation.
C) the nominal value.
D) the real value.
C
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Refer to Figure 15-3. What happens to the monopolist represented in the diagram in the long run?
A) It will be forced out of business by more efficient producers. B) It will raise its price at least until it breaks even. C) If the cost and demand curves remain the same, it will exit the market. D) The government will subsidize the monopoly to enable it to break even.
When the consumer spends a small portion of his income on a good, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) elastic, unit-elastic or inelastic depending upon supply.
The basic data source to track the number of unemployed comes from a calculation of applications for new unemployment benefits
a. True b. False Indicate whether the statement is true or false
The demand for Tyson chicken is more elastic than the demand for meat.
Answer the following statement true (T) or false (F)