Marginal cost for a firm can be derived from its demand curve.
Answer the following statement true (T) or false (F)
False
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Crtically evaluat the following statement. "It is possible to calculate comparative advantage even when prices are not known."
What will be an ideal response?
In the long run, following a combination of a negative demand shock and a temporary negative supply shock,
A) both inflation and output return to the original long-run equilibrium values. B) inflation is permanently increased, while output returns to potential output. C) output returns to potential output, while inflation may be higher or lower than its initial value. D) inflation is permanently reduced, while output returns to potential output. E) None of the above.
Which of the following is included in GDP?
a. the market value of rental housing services, but not the market value of owner-occupied housing services. b. the market value of owner-occupied housing services, but not the market value of rental housing services c. both the market value of rental housing services and the market value of owner-occupied housing services d. neither the market value of owner-occupied housing services nor the market value of rental housing services.
Oligopoly is a market structure characterized by ________ number of firms who behave ________
a. large, interdependently. b. large, independently. c. a few, interdependently. d. a few, independently.