In perfect competition and ________, economic profit will move towards zero.
A. monopolistic competition
B. natural monopoly
C. monopoly
D. oligopoly
Answer: A
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A good economic theory: a. includes every detail that affects the economic behavior of interest
b. relies on simplifying assumptions in order to explain economic behavior. c. does not rely on simplifying assumptions. d. is impossible to achieve because of the difficulty of conducting controlled experiments.
An increase in the real value of assets is associated with a reduction in planned aggregate expenditures
a. True b. False Indicate whether the statement is true or false
Labor productivity is defined as
A. the amount of output a typical worker turns out in an hour of work. B. the amount of output the best worker turns out in a day of work. C. the amount of output improvement in a year of work. D. the amount of average output improvement for a team in a year of work.
If the MPS rises, then the MPC will:
What will be an ideal response?