A perfect competitor's demand curve and marginal revenue curve are ___________.
Fill in the blank(s) with the appropriate word(s).
identical
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
In which of the following circumstances would a buyer be indifferent about buying a good?
a. The amount of consumer surplus the buyer would experience as a result of buying the good is zero. b. The price of the good is equal to the buyer's willingness to pay for the good. c. The price of the good is equal to the value the buyer places on the good. d. All of the above are correct.
Which of the following is a characteristic of economic rent?
A. It can never be negative. B. It equals economic profit minus accounting profit. C. It is driven towards zero by free entry. D. It can be positive, zero, or negative.
If aggregate supply is upward sloping, an increase in aggregate demand will result in:
A. An increase in prices and a decrease in output. B. An increase in prices and an increase in output. C. A decrease in prices and a decrease in output. D. A decrease in prices and an increase in output.