A decrease in the price of eggs will result in:
What will be an ideal response?
an increase in the quantity of eggs demanded.
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What would happen in an economy if total planned production exceeded total planned real expenditures?
A) Inventories would be depleted, and firms would tend to lower prices. B) Inventories would accumulate, and firms would tend to lower prices. C) Inventories would be depleted, and firms would tend to raise prices. D) Inventories would accumulate, and firms would tend to raise prices.
Which of the following describes a differentiated product?
a. A product that consumers perceive as distinctive in some way b. A product that lacks many competitors in a market or industry c. A product that is produced and sold in a niche market d. A product that is produced by a natural monopolist
Who would describe economic growth by relating the level of investment to the changes in the level of national income?
a. market theorists b. housing cycle theorists c. innovation cycle theorists d. real business cycle theorists e. internal cycle theorists
When operating at the profit-maximizing/loss-minimizing level of output, total revenue minus total cost equals
A. $160.
B. $320.
C. zero.
D. -$320.