An imperfectly competitive firm faces a demand curve that is:
A. downward-sloping.
B. perfectly inelastic.
C. more than perfectly elastic.
D. perfectly elastic.
Answer: A
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When a perfectly competitive market is in long-run equilibrium, price is equal to marginal cost, the individual firm is operating at the minimum of its short-run and long-run average cost curves, and economic profit equals zero
Indicate whether the statement is true or false
According to the National Bureau of Economic Research, the "two most reliable comprehensive estimates of aggregate domestic production" are ________ when dating the beginning and ending of recessions
A) the level of employment and monthly payroll data B) industrial production and wholesale and retail sales C) gross domestic product and gross domestic income D) real manufacturing production and the natural rate of unemployment
Which of the following is a liability of a commercial bank?
a. Property and buildings owned b. Loans c. Government bonds held d. Cash in its vault e. Deposits at the bank
In the economy of Talikastan in 2015, exports were $200, GDP was $2000, government purchases were $200, imports were $270, and investment was $500 . What was Talikastan's consumption in 2015?
a. $830 b. $1230 c. $1370 d. $1770