In a socialistic system, most economic decisions are made by:
A. firms.
B. consumers.
C. stockholders.
D. government planners.
Answer: D
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Price discrimination, where different units of a good are sold for different prices
A) is impossible because there can only be one market price. B) can be effectively practiced by all monopolists. C) maximizes consumer welfare because each consumer pays only the price he or she is willing to pay. D) is possible if the good cannot be resold.
The mental and physical capacity of workers to produce goods and services is known as:
A. labor. B. entrepreneurship. C. value judgment. D. product sensitivity.
The Lerner Index is derived from the profit-maximizing condition of a firm
Indicate whether the statement is true or false
In the figure above, the economy is at an equilibrium with real GDP of $16 trillion and a price level of 110. As the economy moves toward its ultimate equilibrium, the ________ curve shifts ________
A) aggregate supply; leftward B) aggregate supply; rightward C) aggregate demand; rightward D) aggregate demand; leftward E) potential GDP; leftward