A large increase in the number of fast-food restaurants in a community is most likely to result in:
A. Lower prices and higher quality.
B. Lower prices and lower quality.
C. Higher prices and higher quality.
D. Don't Know
Answer: A. Lower prices and higher quality.
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The improvement in the traditional way things are done is the act of
A. research and development. B. collaboration. C. invention. D. innovation.
______________ stabilizers are programs that are already laws that stimulate aggregate demand in a recession and hold down aggregate demand in a potentially inflationary period.
a. Automatic b. Temporary c. Planned d. Economic
Stagflation occurs when the economy's inflation rate is high and
A. the unemployment rate is high. B. the unemployment rate is low. C. employment is high. D. the rate of change in economic activities is positive.
Use the following graph for a perfectly competitive firm to answer the next question.
At its short-run equilibrium point, the firm's
A. marginal revenue equals its average variable cost. B. marginal cost equals its average fixed cost. C. marginal revenue equals its average total cost. D. marginal cost equals its average variable cost.