Market economies tend to grow more quickly than centrally-planned economies
Indicate whether the statement is true or false
TRUE
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If the price of iPads falls while demand remains unchanged, then total consumer surplus will ____________.
Fill in the blank(s) with correct word.
A perfectly competitive firm should continue to operate even at a loss in the short run if
A. it can cover its variable costs of production. B. its revenues are less than its fixed costs. C. it has some fixed costs that cannot be brought down to zero. D. its output is above the break-even point.
Other things the same, as the price level rises, the real value of a dollar
a. rises, and interest rates rise. b. rises, and interest rates fall. c. falls, and interest rates rise. d. falls, and interest rates fall.
The critical feature of a monopsonistic labor market is that the employer:
A. has a perfectly elastic demand curve for labor. B. can hire any number of workers it chooses at the going wage rate. C. faces an upsloping labor supply curve. D. faces a perfectly inelastic labor supply curve.