Refer to the above figure. The top two arrows of the figure refer to the product markets. The bottom arrows refer to the factor markets. Which arrow represents factor services?
A. Arrow A
B. Arrow B
C. Arrow C
D. Arrow D
Answer: C
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An increase in the price of poultry would lead to
A. a decrease in quantity demanded of fish and an increase in the demand for poultry. B. a decrease in quantity demanded of poultry and an increase in the demand for fish. C. an increase in quantity demanded of fish and a decrease in the demand for poultry. D. an increase in quantity demanded of poultry and a decrease in the demand for fish.
Suppose all firms in a competitive market are currently in both short-run and long-run equilibrium. What impact will a lump sum tax have on each firm in the short run? in the long run?
What will be an ideal response?
Fiscal policy is likely to fail to correct stagflation in an economy because: a. it affects both aggregate demand and supply, although only aggregate supply needs to be changed
b. it affects both the aggregate demand and supply, although only aggregate demand needs to be changed. c. it affects aggregate demand only, although aggregate supply needs to changed. d. it affects aggregate supply only, although only aggregate demand needs to be changed. e. it affects either aggregate demand or aggregate supply, although both need to be changed simultaneously.
A monopolistic competitor's demand curve tends to be more inelastic than a monopolist's demand curve
a. True b. False Indicate whether the statement is true or false