Open, competitive output markets ensure that households do not end up with the wrong goods and services.
Answer the following statement true (T) or false (F)
True
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A price floor set above a market equilibrium price causes
A) a surplus. B) a shortage. C) producers to receive lower prices. D) consumers to pay lower prices.
Given a typical demand curve and a decline in price, the consumer who wishes to maximize total utility must increase the quantity purchased of a good to arrive at an optimal MU = P point
a. True b. False Indicate whether the statement is true or false
A market situation where a small number of sellers compose the entire industry is called
a. monopolistic competition. b. monopsony. c. monopoly. d. oligopoly.
If inflation expectations rise, the short-run Phillips curve shifts
a. right, so that at any inflation rate unemployment is higher in the short run than before. b. left, so that at any inflation rate unemployment is higher in the short run than before. c. right, so that at any inflation rate unemployment is lower in the short run than before. d. left, so that at any inflation rate unemployment is lower in the short run than before.