When the government steps in to help determine prices, it is called
a. price ceilings.
b. price floors.
c. equilibrium prices.
d. price control.
d. price control.
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If firms do not increase their quantity supplied when price changes, then supply is
A) elastic. B) perfectly inelastic. C) relatively inelastic. D) perfectly elastic.
A natural monopoly
a. is a monopoly in the production of raw materials. b. occurs when one firm can supply the entire market more cheaply than can a number of firms. c. is one result of a patent. d. results from decreasing returns to scale.
Real GDP accurately reflects both the quantity and quality of goods and services
a. True b. False Indicate whether the statement is true or false
Why might the response of far-sighted consumers reduce the multiplier effect of an increase in government expenditures?