The Justice Department will not allow firms to merge if the result will be higher prices to consumers.
Answer the following statement true (T) or false (F)
False
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If the above figure illustrated a perfectly competitive industry, the equilibrium market output would be equal to
A) 7. B) 11. C) 13. D) 22.
Beginning from the full-employment level of real GDP, an increase in one of the components of the aggregate demand curve will increase the: a. average level of prices (CPI). b. unemployment rate
c. natural level of real GDP. d. level of investment spending. e. level of government spending.
Which of the following statements would come from someone classified as unemployed?
a. I'm not working because I'm going to Jamaica with my buddy. b. I haven't had a job in a year, and I stopped looking for a job nine months ago. c. I'm a full-time student at the University of Illinois who doesn't have time to work. d. I can't stand my current job as a telemarketer. I used to be a nuclear engineer. e. I'm not working. I had three interviews this week, and I'm trying to find a job.
If a good has an elastic demand, then:
A. a small percentage change in price will cause virtually no change in quantity demanded. B. any percentage change in price will cause an almost immediate response in quantity demanded. C. a large percentage change in price will cause a smaller change in quantity demanded. D. a small percentage change in price will cause a larger percentage change in quantity demanded.