In the United States since 1929, the duration of recessions on average has been:
A. shorter than the duration of expansions.
B. longer than the duration of expansions.
C. steadily increasing.
D. steadily decreasing.
Answer: A
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A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. If the market maker wants to make three transactions, what should he ask (the buyers)
a. $12 b. $13 c. $14 d. $15
The characteristics of a market that influence the behavior of market participants is (are) known as
a. perfect competition b. market power c. barriers to entry d. market structure e. monopolistic competition
One of the effects of a price floor (set above equilibrium price) is
A) a surplus. B) higher-quality goods are produced. C) more satisfied customers. D) all of the above E) none of the above
Using a production possibilities curve, a technological advance that increases the amount of output for both goods while using the same amount of inputs would be illustrated by which of the following?
What will be an ideal response?