The actual price level is assumed to be constant along a given short-run aggregate supply curve.
a. true
b. false
b. false
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Assume the firms in a monopolistically competitive market are currently incurring economic losses
Because they are price searchers, existing firms will raise their prices until the losses are eliminated and each firm is once again earning zero economic profit. Indicate whether the statement is true or false
The adjustment of ________ is the rationing mechanism in market economies.
A. supply B. demand C. price D. quantity
Refer to Figure 4-1. If the market price is $1.00, what is the consumer surplus on the fourth burrito?
A) $0 B) $0.50 C) $1.50 D) $2.25
Economists understand that using statistical discrimination
A. is never rational. B. means some individuals are discouraged from acquiring skills. C. is always illegal. D. All of the above