The statement, “Supply creates its own demand,” is also known as
a. Keynes’ law.
b. neoclassical economics.
c. Say’s law.
d. Adam Smith’s law.
c. Say’s law.
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
In which of the following situations, is a barrier to entry into a monopoly least likely to exist?
a. A large firm enjoys economies of scale. b. The tariffs on foreign goods are eliminated by the government. c. A company is the sole inventor of what it produces and no one else can make a good substitute. d. Government restrictions such as license requirements are enacted. e. A company is the only owner of an essential resource needed to produce its product.
Figure 4-4
In Figure 4-4, an increase in population will change demand from
A. D1to D2. B. D2to D1. C. D3to D2. D. D3to D1.
John gave up a night of pizza with friends to study for his calculus exam. He is illustrating which concept?
a. The Time Value of Money b. Opportunity Cost c. Sunk Cost d. Comparative Advantage