In a market-oriented economic model:
a. no government agency or guiding intelligence oversees the set of responses and interconnections that result from a change in price.
b. no government agency or guiding intelligence oversees the set of responses and interconnections that result from a change in demand.
c. a government agency or guiding intelligence oversees the set of responses and interconnections that result from a change in price.
d. a government agency or guiding intelligence oversees the set of responses and interconnections that result from a change in demand.
a. no government agency or guiding intelligence oversees the set of responses and interconnections that result from a change in price.
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When a second firm enters a monopolist's market, the monopolist's marginal revenue curve will:
A. shift to the left as its initial demand curve shifts to the left. B. shift to the right as its initial demand curve shifts to the right. C. remain the same. D. None of these
To maximize joint profits, a cartel must determine the level of output at which:
A) joint marginal revenue equals the marginal cost of the largest member of the cartel. B) marginal revenue equals joint marginal cost. C) the horizontally sum of the members marginal cost curves is at a minimum. D) joint marginal revenue equals the marginal cost of the smallest member of the cartel.
At all points to the right of the intersection of the aggregate output (Y) and aggregate expenditures (AE) curves, there will be unplanned inventory accumulation
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. The members of the Board of Governors of the Federal Reserve System are appointed by the U.S. president. 2. Members of the Board of Governors are appointed for five-year terms. 3. All members of the Board of Governors are members of the Fed’s Open Market Committee. 4. Each Federal Reserve Bank can issue Federal Reserve notes. 5. Each District Reserve Bank has branch banks.