When we move along a given supply curve,
a. only price is held constant.
b. technology and price are held constant.
c. all nonprice determinants of supply are held constant.
d. all determinants of quantity supplied are held constant.
c
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Which of the following purchases is included in personal consumption expenditures when determining gross domestic product?
A) purchase of a new house because of the arrival of a new baby B) purchase of a new office building C) vacation expenses for a spring trip to Fort Lauderdale D) purchases of jeans to add to a store's inventory
Under what conditions might a monopoly lose money?
The text refers to OPEC as a classic example of a cartel. OPEC is a group of countries that collude to control prices and output in the _______ industry(ies)
a. agriculture b. engineering and computer c. airline d. oil e. machinery
In a market with positive externalities, the market equilibrium quantity maximizes the welfare of society as a whole
a. True b. False Indicate whether the statement is true or false