In the above figure, how does the slope of the line between x = 4 and x = 5 compare with the slope between x = 2 and x = 3?
A) The slope is greater between x = 4 and x = 5.
B) The slope is greater between x = 2 and x = 3.
C) The slope is the same.
D) The slope is not comparable.
C
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Tools used by economists include
A. historical study. B. mathematical reasoning. C. statistical inference. D. All of these responses are correct.
The two-period dynamic monopoly model is more useful than the static monopoly model in analyzing monopoly behavior when
A) the product produced requires a bandwagon effect. B) the product produced generates a positive network externality. C) the monopoly initially uses a lower introductory price. D) All of the above situations.
With an increase in the real interest rate, consumption and real gross domestic product will most likely change in which of the following ways?
A) Increase/Increase B) Increase/Decrease C) Decrease/Increase D) Decrease/Decrease E) No change/Increase
According to the traditional economic model, which of the following would alter a state of consumer equilibrium if all other factors remain the same?
a. a decrease in the price of a good b. an increase in the quantity supplied of a good c. a decrease in the number of substitutes d. an increase in the number of complements