In the macroeconomic model of aggregate supply and aggregate demand, quantity is:
A. represented by GDP.
B. the measure of the value of all goods and services produced by the economy.
C. a measure of total output.
D. All of these are true.
D. All of these are true.
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If perfectly competitive firms are making an economic profit, then
A) the market is in its long-run equilibrium. B) new firms enter the market and the equilibrium profit of the firms already in the market decreases. C) new firms enter the market and the equilibrium profit of the firms already in the market increases. D) firms exit the market and the economic profit of the surviving firms in the market decreases. E) firms exit the market and the economic profit of the surviving firms in the market increases.
Because firms produce a differentiated product, each of the firms in a monopolistically competitive market faces a demand curve that is:
A) perfectly elastic. B) perfectly inelastic. C) downward sloping. D) perfectly elastic or perfectly inelastic depending on whether the firm's output is a luxury or a necessity.
Countries that maintain a constant gold value for their currencies are said to be on a gold standard
a. True b. False Indicate whether the statement is true or false
Resources are directed from one industry to another by
A. Market failure. B. Changes in market prices. C. Government failure. D. None of the choices are correct.