As a general rule, consumers have
a. limited income.
b. unlimited desires for goods.
c. many choices of goods facing them.
d. All of the above are correct.
e. None of the above are correct.
d
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Use the aggregate expenditures model and the following values to answer the next question.AMPCIGT$3500.75$400$400$200Determine the change in the equilibrium real GDP (find ?Y) following a decrease in government spending from 400 to 300 (?G = -$100).
A. positive $500 B. negative $400 C. positive $400 D. negative $500
A monopolistic competitor incurs losses if ________
A) price is higher than average total cost B) price is lower than marginal cost C) price is equal to marginal cost D) price is lower than average total cost
If the market price falls below a firm's minimum average total cost, the firm should:
A. definitely stop production. B. definitely continue to operate at a loss. C. consider how to minimize its losses. D. pay only fixed costs.
Extractive industries such as farming, mining, or lumbering typically: a. are considered to be decreasing cost industries
b. are considered to be constant cost industries. c. use only small portions of the total supply of specialized resources. d. are considered to be increasing cost industries.