Microeconomics focuses on
A. satisfying the specific needs of a community.
B. individual decision makers.
C. small changes in an economy.
D. decisions only on small expenses.
Answer: B
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Hogrocket, which developed the Tiny Invaders game for the iPhone, found that to maintain sales in a profitable competitive market, the price of a product
A) will usually rise. B) will usually remain stable. C) will eventually fall to zero. D) will usually fall.
Fixed costs stay the same even as the output level of the firm changes
Indicate whether the statement is true or false
The percentage of U.S. citizens living below the poverty line is higher today than it was for most of the 1970s.
Answer the following statement true (T) or false (F)
If net exports are positive:
A. the equilibrium GDP must be greater than the full-employment GDP. B. imports must exceed exports. C. aggregate expenditures are greater at each level of GDP than when net exports are zero or negative. D. some other component of aggregate expenditures must be negative.