Equilibrium price and quantity are determined by:
A. both supply and demand.
B. demand.
C. supply.
D. government regulations.
Answer: A
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If the market price in a perfectly competitive market is less than a firm's minimum average variable cost, then the firm's total revenue will always ________
A) exceed its total fixed cost B) be less than its total economic loss C) equal its total cost D) be less than its total variable cost
The income effect is the concept that changes in consumption of a good result from changes in purchasing power
a. True b. False Indicate whether the statement is true or false
If all firms in a monopolistically competitive market are incurring losses, then eventually:
a. the demand for the products in the market will increase. b. the supply of the products in the market will increase. c. the price of the products in general will decline. d. the cost of production will increase. e. the firms will exit until the existing ones just break even.
In order to safeguard the proper functioning of our monetary system, in 1913 Congress created the
a. Treasury Department b. FDIC c. National Bank Act d. future funds rate e. Federal Reserve System