The basic reason for the gas lines in 1973 and 1979 was _____.
Fill in the blank(s) with the appropriate word(s).
price ceilings
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If demand for Farmer John's maple syrup is inelastic, then when Farmer John raises the price of maple syrup, his total revenue will
A) increase. B) decrease. C) stay the same. D) probably change, but more information is needed to determine if the total revenue increases, decreases, or stays the same.
How is the Agreement on Textiles and Clothing impacting trade today?
What will be an ideal response?
Fiscal policy is
A) the selling of government bonds by the Treasury. B) the deliberate manipulation of the money supply designed to affect the interest rate. C) the deliberate manipulation of taxation and spending designed to affect the economy. D) the selling of foreign exchange reserves designed to change the exchange rate. E) All of the above.
Marginal revenue for a perfectly competitive firm equals: a. the addition to total cost from producing one more unit of output. b. average revenue at all levels of output
c. marginal cost at all levels of output. d. average total cost at all levels of output.