All actions and purchases, even those of wealthy people, involve a sacrifice

a. True
b. False
Indicate whether the statement is true or false


True

Economics

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Analyze the short-run and long-run effects of an unanticipated decrease in the money supply in the misperceptions model. Tell what happens to output, the price level, and the expected price level in both the short run and long run

What will be an ideal response?

Economics

Which of the following is false?

A. The U.S. has had twelve recessions since January 1945. B. The U.S. has had a great deal of stagflation in the 1970s. C. The U.S. has not had a depression since the 1930s. D. The U.S. had rising inflation all throughout the 1990s.

Economics

This table represents the revenues faced by a monopolist.PriceQuantity SoldTotal RevenueAverage RevenueMarginal Revenue$1,0001$1,000  $9002$1,800  $8003$2,400  $7004$2,800  $6005$3,000  $5006$3,000  $4007$2,800  Using the information in the table shown, the average revenue for this firm:

A. increases as output increases. B. remains constant regardless of level of output. C. decreases as output increases. D. is maximized when total revenue is maximized.

Economics

Which of the following is the most likely effect of lower apple juice prices on the price and quantity purchased of orange juice, a substitute product?

A. The price of orange juice will increase, and the quantity purchased will fall. B. The price of orange juice will fall, and the quantity purchased will increase. C. The price of orange juice will increase, and the quantity purchased will increase. D. The price of orange juice will fall, and the quantity purchased will fall.

Economics