Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential
B. higher; higher
C. lower; higher
D. higher; potential
Answer: D
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Tickets to the Michigan-Notre Dame football game are usually sold out in advance of game day. This suggests that
a. the price of the tickets must be very high or else people would not consider them valuable b. the price is set below the equilibrium level c. the football stadium is relatively small d. everyone who attends the game will enjoy it e. the price is determined primarily by the fixed supply of tickets
The Herfindahl index is the sum of the squared market shares of the four largest firms in an industry
a. True b. False
How would a decrease in consumer income affect the market for new automobiles?
a. Demand would decrease, leading to an increase in price and a reduction in quantity sold. b. Demand would decrease, leading to a reduction in price and a reduction in quantity sold. c. Demand would increase, leading to an increase in price and an increase in quantity sold. d. Demand would increase, leading to a reduction in price and an increase in quantity sold.
What are efficiency wages and why are they important in internal labor markets?
What will be an ideal response?