Opportunity cost is the combined value of all of the other alternatives that go unselected.
Answer the following statement true (T) or false (F)
False
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Holding all other factors constant, consumers demand more of a good the
A) higher its price. B) lower its price. C) steeper the downward slope of the demand curve. D) steeper the upward slope of the demand curve.
If the short-run equilibrium position for a monopolistically competitive firm is P = $28.47, ATC = $22.13, and MC = MR = $17.47, which of the following statements is true?
a. The firm's economic profit is $11. b. Additional firms will be attracted into the industry. c. The firm could raise price and increase profit. d. The firm could lower price and increase profit. e. The firm is producing on the upward-sloping segment of its ATC curve.
Inflation caused by an increase in aggregate spending is referred to as ________.
A. cost-push inflation B. demand-pull inflation C. hyperinflation D. expected inflation
An open economy has GDP of $1,200 billion, consumption expenditures of $900 billion government expenditures of $400 billion, domestic investment of $100 billion, and net exports of -$200 billion. What is its demand for loanable funds?
a. -$200 billion b. -$100 billion c. $100 billion d. $200 billion