If income rises, most consumers will increase the quantity demanded of an inferior good
a. True
b. False
Indicate whether the statement is true or false
False
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The sum of the squares of the market share for the fifty largest firms in a market is the basis of the government's current merger guidelines
Indicate whether the statement is true or false
In 2015, JPMorgan Chase announced it was laying off employees. The employees who were laid off due to the business cycle would be considered
A) structurally unemployed. B) seasonally unemployed. C) cyclically unemployed. D) frictionally unemployed.
Why is a firm in a monopolistically competitive industry considered a "mini" monopoly?
a. There are large number of sellers in the market. b. Each firm in monopolistic competition is a price taker. c. The product of each firm is unique in some way or the other. d. Each firm faces a perfectly elastic demand curve. e. There exists a large number of close substitutes of the products.
Define the following terms and explain their importance to the study of macroeconomics: a. Aggregation b. Recession c. Gross domestic product d. Final goods and services e. Stabilization policy
What will be an ideal response?