If there were no real wealth or interest rate effect, the aggregate demand curve would still be downward sloping
a. True
b. False
Indicate whether the statement is true or false
True
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Industries in which firms have high fixed costs and low marginal costs are likely to have a:
A. large number of small firms. B. large number of large firms. C. small number of small firms. D. small number of large firms.
Of the following market structures, which has the fewest number of firms competing against each other?
A) monopolistic competition B) oligopoly C) perfect competition D) Both answers A and C are correct.
The marginal product of labor is calculated using the formula
A) ?Q/?L. B) Q/L. C) L/Q. D) ?L/?Q.
A side effect of a price floor set above the equilibrium price is:
a. the new price is below equilibrium price. b. an excess supply of the good is created. c. an excess demand for the good is created. d. the supply of the good decreases. e. the demand for the good increases.