The crude quantity theory is based on each of these assumptions except that
A. if M rises by a certain percentage, P rises by that same percentage.
B. V and Q are constants.
C. MV = PQ.
D. if M rises by a certain percentage, V will rise by that same percentage.
D. if M rises by a certain percentage, V will rise by that same percentage.
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Consider the market for peanut butter. If there is an increase in the price of peanuts,
A) there is a decrease in the supply of peanuts. B) there is a decrease in the demand for peanut butter. C) there is an upward movement along the supply curve for peanut butter. D) there is a decrease in the supply of peanut butter. E) the supply curve for peanuts shifts rightward.
In the prisoners' dilemma game, when each player takes the best possible action given the action of the other player, ________
A) a competitive equilibrium is reached B) one player denies and one player confesses C) both players deny D) a Nash equilibrium is reached
Which of the following is true in long-run equilibrium for both perfect competition and monopolistic competition?
a. Accounting profit is zero. b. Marginal cost equals price. c. Long-run average cost is at a minimum. d. Economic profit is zero.
A recent college graduate who is looking for her first job would be considered _____
a. a discouraged worker b. underemployed c. overemployed d. unemployed e. not in the labor force