The textbook discusses the carpet industry situated in the southeastern U.S., and the authors indicate that smaller carpet mills have ________ returns to scale while larger mills have ________ returns to scale
A) increasing, decreasing
B) increasing, constant
C) constant, decreasing
D) constant, increasing
D
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If the currency to deposit ratio decreases and the monetary base is unchanged, the value of the money multiplier will ________ and the value of the money supply will ________
A) decline; decline B) decline; increase C) increase; decline D) increase; increase
The marginal cost curve
A. Is the long-run supply curve for a competitive firm at prices below the AVC curve. B. Is not affected by changes in the price of variable inputs. C. Is the short-run supply curve for a competitive firm at prices above the AVC curve. D. Slopes downward to the right as output increases.
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.
If a foreclosure sale occurs, __________ liens are paid from the proceeds of the sale before any junior lien.
Fill in the blank(s) with the appropriate word(s).