Some U.S. cities still dump raw sewage directly into rivers or oceans
a. True
b. False
A
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For a monopolistically competitive firm, which of the following is ensured by product differentiation?
a. Long-run profit b. Market power c. Economies of scale d. Increasing returns to scale
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Laissez-faire refers to a program of minimal interference in the market system.
Answer the following statement true (T) or false (F)
Which of the following would not cause an increase in the demand for cheese?
a. a decrease in the price of crackers, which are consumed with cheese b. an increase in the income of cheese consumers, assuming that cheese is a normal good c. an increase in the population d. a technological advance that makes it cheaper to produce cheese