Scarce goods are:
a. desirable and unlimited in amount
b. undesirable and unlimited in amount.
c. desirable and limited in amount.
d. undesirable and limited in amount.
c
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When inflation causes the absolute prices of all commodities to rise, what happens to the relative prices of those commodities?
a. The relative prices also rise. b. When absolute prices rise, the corresponding relative prices fall. c. The relative prices are unaffected by changes in absolute prices. d. No prediction can be made about changes in relative prices.
Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
The largest value the Herfindahl index can have is
a. 100, which would indicate a monopoly b. 100 for firms equal in size c. 100,000 d. 10,000 . which would indicate a pure monopoly e. infinity
A decrease in demand is shown graphically by a:
a. Downward movement along the demand curve b. Decrease in the cost of production c. Movement up along the demand curve d. Shift of the demand curve to the left