Which of the following is a public good?
a. an economics lecture
b. a television set
c. higher education
d. housing
e. clean air
E
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In the long run, a monopolistically competitive firm produces at minimum average cost.
Answer the following statement true (T) or false (F)
The accompanying figure below shows a single consumer's demand for ice cream at the student union.
During a regular semester, there are 500 students on campus. Each student's weekly demand for ice cream is shown above. When the price of ice cream is $2.00 per scoop, those 500 students purchase a total of ________ scoops per week from the student union.
A. 2,500 B. 3,000 C. 2,000 D. 5,000
A key assumption in the classical model is
A. sticky prices. B. the government's ability to stabilize the economy. C. sticky wages. D. pure competition.
The money supply consists of:
A) currency plus reserves. B) currency plus required reserves. C) currency plus excess reserves. D) currency plus demand deposits.