The demand curve for an individual seller's product in perfect competition is
A) vertical. B) horizontal.
C) downward sloping. D) the same as market demand.
B
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Refer to Figure 3-3. The figure above shows the supply and demand curves for two markets: the market for original Michelangelo sculptures and the market for Ray Ban sunglasses. Which graph most likely represents which market?
A) Graph A represents the market for original Michelangelo sculptures and Graph B represents the market for Ray Ban sunglasses. B) Graph B represents both the market for original Michelangelo sculptures and Ray Ban sunglasses. C) Graph B represents the market for original Michelangelo sculptures and Graph A represents the market for Ray Ban sunglasses. D) Graph A represents both the market for original Michelangelo sculptures and Ray Ban sunglasses.
Real GDP is GDP in a given year
A) valued in the prices of the base year. B) valued in the prices of that year. C) adjusted only for unanticipated inflation. D) adjusted only for anticipated inflation.
Government participation in railroad construction was highest in
(a) New England. (b) the South. (c) the Midwest. (d) the Great Lakes Region.
A reduction in current consumption to pay for the investment in capital intended to increase future production is known as the:
A. consumption effect. B. substitution effect. C. investment trade-off. D. income effect.