The first law of demand states that
a. the quantity demanded increases as price falls
b. the quantity demanded decreases as price falls
c. the quantity demanded increases as price increases
d. none of the above
a
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If a positive externality exists, __________ in order for the socially optimal output to be reached.
A. supply needs to decrease B. demand needs to increase C. demand needs to decrease D. a and c E. none of the above
If the actual price level is lower than the expected price level, the economy will contract in the short run
a. True b. False Indicate whether the statement is true or false
An economy recently had 800 billion euros of saving and 600 billion euros of net capital outflow. What was its investment? What was its quantity of loanable funds supplied?
In the above table, what is the marginal cost to produce the 4th unit of output?
A. $55 B. $20 C. $60 D. $30