Imperfect competition results in inefficiency but greater equity than pure competition.
Answer the following statement true (T) or false (F)
False
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In the figure above, a price of $15 per dozen roses results in
A) a shortage. B) a surplus. C) equilibrium. D) downward pressure on the price of roses. E) an eventual leftward shift of the demand curve and/or rightward shift of the supply curve.
Skip's Sealcoating Service increased its total monthly revenue from $12,000 to $13,500 when it raised the price of driveway repairs from $600 to $750 . The price elasticity of demand for Skip's Sealcoating Service is
a. 0.11. b. 0.47. c. 1.12. d. 2.11.
Better Business Bureaus in various cities exist partly in order to try to deal with inadequate buyer information about sellers.
a. true b. false
Explain how the static aggregate demand and aggregate supply model gives us misleading results about the price level, particularly with respect to decreases in aggregate demand
Describe how the aggregate demand curve is different in the dynamic model as compared to the static model. Describe how potential GDP is different in the dynamic model as compared to the static model.