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
Why is the production possibilities frontier bowed out?
What will be an ideal response?
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.