Recovery is the phase of the business cycle during which real GDP reaches its maximum
a. True
b. False
Indicate whether the statement is true or false
False
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The above figure shows the long-run expansion path. With an increase in the wage rate, the long run expansion path will
A) remain unchanged. B) shift up. C) shift down. D) become flatter.
The characteristics of a market that influence the behavior of market participants is (are) known as
a. perfect competition b. market power c. barriers to entry d. market structure e. monopolistic competition
For normal goods
A. the substitution effect of a price decrease will decrease the quantity of the good demanded while the income effect of a price decrease will increase the quantity of the good demanded. B. the substitution and income effects of a price decrease will both increase the quantity of the good demanded. C. the substitution effect of a price decrease will increase the quantity of the good demanded while the income effect of a price decrease will decrease the quantity of the good demanded. D. the substitution and income effects of a price decrease will both decrease the quantity of the good demanded.
Referring to the Economics in Practice on page 320: A successful celebrity endorsement of a product will likely shift the demand curve for the product to the ________, resulting in ________ in the equilibrium price of the item.
A. right; a decrease B. left; a decrease C. left; an increase D. right; an increase