Which of the following is true when an economy is in long-run equilibrium?
What will be an ideal response?
Actual output must equal potential output.
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What are some obstacles to price discrimination that a monopolist who is protected by high barriers to entry might face?
What will be an ideal response?
A decrease in the price of a commodity results in a(n)
a. decrease in supply b. decrease in quantity demanded c. increase in demand d. decrease in quantity supplied e. increase in supply
Many cities in the United States use rent controls designed to make housing affordable for their citizens. a . Explain how rent controls can lead to the conversion of existing rental housing units to office space or parking lots. b. Explain how rent controls can lead to the deterioration of existing rental housing units
One aspect of bank accounting is that many liabilities of banks are
a. assets of other persons and businesses in the economy. b. also liabilities of other persons and businesses in the economy. c. not matched by liabilities of most other banks. d. not actually owed to any other person or business in the economy.