If the price level is falling, the economy is experiencing
a. creeping inflation
b. stagflation
c. disinflation
d. inflation
e. deflation
E
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Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. How much does Alice produce in the Nash equilibrium?
A. 2,000 B. 1,333.33 C. 800 D. 4,000
Suppose the intersection of the IS and LM curves is to the right of the FE line. An increase in the price level would most likely eliminate a disequilibrium among the asset, labor, and goods markets by
A) shifting the LM curve up and to the left. B) shifting the IS curve up and to the right. C) shifting the IS curve down and to the left. D) shifting the FE curve to the left.
Every country imposes tariffs on at least some imports
a. True b. False Indicate whether the statement is true or false
A total product curve shows the
a. aggregate output of many firms in an industry. b. amount of product consumers will take off the market. c. maximum amount of product that it is technically possible to produce. d. relationship between units of inputs and total output.