In economics, all the items that people would consume if they had unlimited income are known as
A) wants.
B) aggregates.
C) outputs.
D) needs.
A
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If firms in a perfectly competitive industry are earning an economic profit and new firms enter the industry, then
A) consumer surplus decreases. B) the existing firms' economic profit decreases. C) there must be external benefits to consumption of the good. D) the new firms must incur an economic loss. E) Both answers A and B are correct.
Explain what the Five Forces Model is useful for and identify each of them
What will be an ideal response?
Do the real effects of aggregate demand shocks differ in the short run and long run in the Keynesian sticky-price model from the effects of these shocks in the classical model of perfectly flexible prices? Briefly explain
What will be an ideal response?
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.