Competition among sellers and government diffuses economic power within the economic units that make up an economy.
Indicate whether the statement is true or false
Ans: False
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Despite an expansionary monetary policy, an economy experiences a recession. Everything else held constant, the recession could occur in spite of the rightward shift of the LM curve if
A) consumer confidence decreases sharply. B) there is an investment boom. C) the money supply increases. D) taxes are cut.
The Price Elasticity of Demand is a negative number this means:
a) Demand is price elastic. b) Demand is price inelastic. c) The demand curve is downward sloping. d) An increase in income will reduce the quantity demanded.
Which of the following is true about the kink in the demand curve?
A. It occurs because rivals do not respond to price reductions. B. It is the result of different rival responses to price increases and reductions. C. It occurs because rivals match price increases. D. It leads to an explanation of price flexibility.
What is the shape of the long-run supply curve in a constant-cost industry?
A) horizontal B) vertical C) downward sloping D) upward sloping