When the economy is in the Keynesian range, an increase in aggregate demand will increase _____ without increasing _____.
Fill in the blank(s) with the appropriate word(s).
real GDP; prices
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The use of "introductory prices" suggests
A) firms engaged in multi-period decision making. B) firms engaged in price gouging. C) firms engaged in anti-competitive behavior. D) firms engaged in single-period decision making.
If a commodity's price is above its marginal cost, the market will tend to produce too much of the good
a. True b. False Indicate whether the statement is true or false
The cost disease of personal services causes
a. the cost of health care to rise faster than the economy's rate of inflation. b. legislators to blame declining standards of quality at public hospitals on greedy doctors or administrators. c. legislators to propose price controls on insurance. d. All of the above are correct.
China collectivized its agriculture during the Cultural Revolution
a. True b. False