Figure (a) represents the domestic demand and supply of televisions. However, if free trade is allowed and the current world price of televisions is P1 as shown in Figure (b) then the quantity of televisions imported would be
a. Q3 minus Q1.
b. Q4 minus Q1.
c. Q2 minus Q1.
d. Q4 minus Q3.
c. Q2 minus Q1.
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According to the kinked demand theory, when one firm raises its price, other firms will:
a. also raise their prices. b. refuse to follow. c. increase their advertising expenditures. d. exit the industry.
The aggregate price level is:
A. a measure of the average price level for GDP. B. measured by the CPI. C. measured by the GDP price deflator. D. All of these statements are true.
A market system is not considered an effective way of controlling self-interest
a. True b. False Indicate whether the statement is true or false
If Q is total real output, K is capital in use, L is labor employed, an increase in the productivity of labor would imply a(n):?
What will be an ideal response?