________: two inputs that can be substitutes for one another in the production of a specific product
Fill in the blank(s) with correct word
Technical substitutes
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If a monopolistically competitive firm lowers its price and, as a result, its total revenue decreases then
A) the output effect of the price change was less than the price effect. B) the output effect of the price change was greater than the price effect. C) the substitution effect of the price change was greater than the income effect. D) the firm's demand curve must have decreased.
One should ignore the degree of income inequality _____
a. when one considers the design of redistribution programs b. when one only cares about improving the lot of the worst off in society c. when considering whether or not to transfer resources from the rich to the poor d. when considering progressive taxation
Which of the statements best describes the difference between economic regulation and social regulation?
A) There are no significant differences between economic and social regulation, social regulation is a more modern way of regulating an economy. B) Economic regulation focuses on output and price; social regulation focuses on improving the quality of life. C) Social regulation focuses on output and price; economic regulation focuses on quality of life issues. D) Social regulation targets industries like transportation, while economic regulation targets utilities.
Which of the following will increase both money supply and money demand in the short run?
a. An open market sale of bonds by the Fed b. An open market purchase of bonds by the Fed c. An increase in government purchases d. A decrease in taxes e. An increase in autonomous consumption