Gross domestic product (GDP) rises significantly during which of the following phases of the business cycle?
a. contraction
b. expansion
c. peak
d. trough
b. expansion
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The equivalent variation is always less than the consumer's income
Indicate whether the statement is true or false
Which of the following is an example of a zero-sum game?
a. Jill decides to buy a television set from Jack for $500. b. Angela buys a jacket worth $30 from the apparel store near her apartment. c. Rachel decides to buy Sarah's couch and is willing to pay whatever price Sarah might ask for it. d. Joanna buys a camera at a Thanksgiving sale and gets a tripod free.
When inflation rises, bond sales prices fall.
Indicate whether the statement is true or false
A monopoly sells 5 units of output at $20. If the MR of the 6th unit is $14, then the price of the 6th unit is
A) also $14. B) $17. C) greater than $20. D) $19.