The supply of loanable funds is an upward-sloping curve because the:
A. Higher the interest rate, the more households consume, and the more households save
B. Higher the interest rate, the less households consume, and the more households save
C. Lower the interest rate, the more households consume, and the more households save
D. Lower the interest rate, the less households consume, and the more households save
B. Higher the interest rate, the less households consume, and the more households save
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A report on the dangers of cholesterol would likely shift the demand curve for beef downward and to the left.
Answer the following statement true (T) or false (F)
Explain how economic profits are reduced to zero as new firms enter a monopolistically competitive industry
The concept of opportunity cost exists because
A. the value of services is hard to determine. B. shortages occur. C. goods have different prices. D. resources are scarce.
Price equals the minimum of long-run average cost
A. in a short-run equilibrium as well as in a long-run equilibrium. B. in a long-run equilibrium. C. whenever average revenue equals marginal cost. D. along a horizontal long-run supply curve, but not along an upward sloping long-run supply curve.