Economic behavior is always rational.
Answer the following statement true (T) or false (F)
False
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A complement is a good
A) of lower quality than another good. B) used in conjunction with another good. C) used instead of another good. D) of higher quality than another good.
Equilibrium price must decrease when demand
a. increases and supply does not change, when demand does not change and supply decreases, and when demand decreases and supply increases simultaneously. b. increases and supply does not change, when demand does not change and supply decreases, and when demand increases and supply decreases simultaneously. c. decreases and supply does not change, when demand does not change and supply increases, and when demand decreases and supply increases simultaneously. d. decreases and supply does not change, when demand does not change and supply increases, and when demand increases and supply decreases simultaneously.
Exhibit 2-14 Production possibilities curve
In Exhibit 2-14, which of the following explains this economy's movement from point E to point F?
A. The rate of unemployment in this economy would have increased. B. Consumption goods production has increased, but capital goods production has decreased. C. The economy has decreased unemployment, but some degree of unemployment still exists D. The economy has achieved full employment.
An industry in which there are five firms each accounting for 20 percent of the market has an HHI of 2,000.
Answer the following statement true (T) or false (F)