Crowding out:
What will be an ideal response?
a reduction in the availability of private
capital resulting from federal government borrowing to finance
budget deficits
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If there is a collusive agreement in a duopoly to maximize profit, then the price will
A) equal the marginal cost of production. B) equal the average total cost of production. C) be the same as the price set by a monopoly. D) be the same as the price set by a competitive industry.
The law of diminishing marginal utility does not hold good when the good is free or priced at zero dollars
a. True b. False Indicate whether the statement is true or false
From a social viewpoint, when price = marginal cost:
a. the economy as a whole would be better off if more was produced. b. the economy as a whole would be better off if less was produced. c. firms would be better off by producing less. d. the economic efficiency would be attained as a whole. e. the consumers would be better by consuming less.
_________________—a term referring to the percentage change in the quantity of savings divided by the percentage change in interest rates.
a. Cross-price elasticity of demand b. Income elasticity of demand c. Elasticity of savings d. Wage elasticity of labor supply