For a firm in a competitive market, an increase in the quantity produced by the firm will result in
a. a decrease in the product's market price.
b. an increase in the product's market price.
c. no change in the product's market price.
d. either an increase or no change in the product's market price depending on the number of firms in the market.
c
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If the annual inflation rate in an economy is "i", then $1 borrowed at the beginning of a year will have the same purchasing power as ________ dollars at the end of the year
A) (1 - i) B) (1/i) C) (1 + i) D) i
An import quota will raise the local price of a good, which will _____ consumer surplus and_____ producer surplus
a. decrease; increase b. increase; increase c. decrease; have no effect on d. have no effect on; increase
Stable money and prices are a key source of economic growth because
a. they allow activist policymakers to fine tune the economy. b. uncertainty and instability in prices will attract investors and business decision makers. c. price instability increases capital formation. d. price stability reduces the risks that accompany investment and other long-term commitments.
Which of the following is correct?
a. Incomes tend to be high for young workers. b. Incomes tend to rise sharply at retirement. c. Incomes tend to peak at around age 50. d. Current income is more equally distributed than permanent income.