In order to be able to consume more in the future, you have to consume
A) less today and save the difference.
B) more today to increase supply.
C) more consumer goods.
D) fewer capital goods.
A
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Which of the following is an example of basic research?
a. Conducting animal tests to determine if a product contains irritants b. Soft drink bottlers testing consumer reactions to their advertisements c. A statistician calculating the odds of winning a promotional sweepstakes that a company is running d. A catalog sales company timing its operators to see how many calls each is handling per day e. A chemist building a mathematical model of the atmosphere of Jupiter
Suppose that monopolistically competitive firms in a certain market are experiencing losses. In the transition from this initial situation to a long-run equilibrium,
a. the number of firms in the market decreases. b. each existing firm experiences a decrease in demand for its product. c. each firm experiences an upward shift of its marginal cost and average total cost curves. d. each existing firm's average total cost falls to bring economic profit back to zero.
In Figure 24.1, the profit-maximizing monopolist will charge a price of
A. C. B. J. C. A. D. L.
An effective price floor results in a shortage.
Answer the following statement true (T) or false (F)