When firms form a cartel in an oligopoly market, the total output is always the same as if the market were perfectly competitive
a. True
b. False
Indicate whether the statement is true or false
False
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Imports are products produced in the home country and sold in another country
Indicate whether the statement is true or false
Stabilization policies are actions taken to bring the economy closer to full employment
Indicate whether the statement is true or false
Assuming that dry cleaning is a normal good, an increase in consumer income, other things being equal, will:
a. increase the demand for dry cleaning. b. decrease the demand for dry cleaning. c. increase the quantity demanded of dry cleaning. d. decrease the quantity of dry cleaning demanded.
A consumer's budget line will rotate outward along the horizontal axis if:
a. the price of the good on the horizontal axis decreases. b. the price of the good on the vertical axis increases. c. the price of the good on the horizontal axis increases. d. the consumer's income decreases.