There exists diminishing _______________ for gambles
Fill in the blank(s) with the appropriate word(s).
Ans: marginal utility
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
A good's Demand Curve is QD = 25 - P, and its Supply Curve is QS = 10 + 2P
a. When P = $20, what is the difference, if any, between QD and QS? b. When P = $3, what is the difference, if any, between QD and QS? c. What are the equilibrium values of P and Q?
Governments may intervene in private markets through
A) rationing by political power. B) price floors. C) price ceilings. D) all of the above.
Why is the production possibilities frontier bowed out?
What will be an ideal response?