Competitive firm can earn economic profits over the long run
Indicate whether the statement is true or false
False
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A currency appreciation should
A. reduce net exports and therefore increase aggregate demand. B. raise net exports and therefore decrease aggregate demand. C. reduce net exports and therefore decrease aggregate demand. D. raise net exports and therefore increase aggregate demand.
Suppose Spam is an inferior good. If the U.S. economy hit bad times, and demanders' incomes were to fall, which of the following would tend to occur?
A) Spam sales would increase. B) Spam demand would decrease. C) The price of Spam would increase. D) Both A and C above. E) Both B and C above.
Karl Marx was a(n):
a. 19th century German philosopher. b. 18th century Russian economist. c. 14th century Polish banker. d. 19th century Russian journalist.
The equilibrium price is the price
A. suppliers agree to charge. B. where there are surpluses and shortages. C. at which quantity supplied equals quantity demanded. D. from which there is always a tendency to move away.