____________is a market structure in which no close substitute products are available
Fill in the blank(s) with the appropriate word(s).
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Scarcity limits the volume of goods that an economic system can produce but does not limit the production of services.
Answer the following statement true (T) or false (F)
If the inflation rate is decreasing while unemployment is increasing: a. the short-run Phillips curve must have shifted right
b. the short-run Phillips curve must have shifted left. c. it must have involved a movement along the short-run Phillips curve d. it would be inconsistent with any possible Phillips curve scenario.
The real interest rate:
a. Is always lower than the nominal interest rate. b. Is strongly affected by expected inflation. c. Equals the nominal interest rate plus the expected inflation. d. Is determined by lenders solely. e. Reflects a nation's time value of money.
Recall the Application about the manufacture of fake killer whales used to scare sea lions off the Washington coast to answer the following question(s).Recall the Application. If a fake killer whale to be used to scare sea lions away from steelhead and other threatened and commercially valuable species cost $11,000 for the mold and $5,000 for materials for each fake killer whale made, then the producer would face:
A. increasing returns to scale. B. decreasing returns to scale. C. increasing average total costs. D. decreasing demand.