In imperfect competition, competition may take place in more levels than in perfect competition.
Answer the following statement true (T) or false (F)
True
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The unemployment rate is
What will be an ideal response?
According to Keynes, the economy could become stuck at a low income level if:
A. declines in aggregate supply are not accompanied by declines in aggregate demand. B. declines in aggregate demand are not accompanied by declines in aggregate supply. C. aggregate demand and aggregate supply are independent of one another. D. declines in aggregate demand and aggregate supply reinforce one another.
The rule of 72 implies that a country with a growth rate of 8 percent will double its income in about:
A. 12 years. B. 6 years. C. 4 years. D. 9 years.
Assume the XYZ Corporation is producing 20 units of output. It is selling this output in a purely competitive market at $10 per unit. Its total fixed costs are $100 and its average variable cost is $3 at 20 units of output. This corporation:
A. should close down in the short run. B. is maximizing its profits. C. is realizing a loss of $60. D. is realizing an economic profit of $40.