Place point A on the graph to indicate where the United States economy operated in 1938.
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The market demand curve in perfect competition is horizontal.
Answer the following statement true (T) or false (F)
In equilibrium with an Edgeworth production box
A. one is on the contract curve. B. the production of one good could increase without decreasing the production of the other. C. MPK/MPL = PL/PK. D. MPK * MPL = PL * PK. E. All of these are true
As the housing bubble collapsed, the cycle of defaults and falling prices began that would ultimately cause home values to:
A. stop rising, practically halting the mortgage loan industry for a number of years. B. fall by more than 90 percent in the hardest-hit areas. C. fall by more than 50 percent in the hardest-hit areas. D. fall by about 25 percent in the hardest-hit areas.
Positive technological change in the production of LCD televisions caused the price of LCD televisions to fall. Holding everything else constant, how would this affect the market for Blu-ray players (a complement to LCD televisions)?
A) The supply of Blu-ray players would increase and the equilibrium price of Blu-ray players would decrease. B) The demand for Blu-ray players would increase and the equilibrium price of Blu-ray players would increase. C) The demand for Blu-ray players would decrease because consumers could afford to buy fewer LCD televisions and Blu-ray players. D) The demand for Blu-ray players would increase and the equilibrium price of Blu-ray players would decrease.