A Lerner index of 0 suggests:
A. monopolistic competition.
B. oligopoly.
C. monopoly.
D. perfect competition.
Answer: D
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Which of the following do economists consider to be capital?
A. a pair of stockings B. a share of IBM stock C. a construction crane D. a savings account
Quantity demanded is not only affected by price but by variables such as income and the prices of other goods
a. True b. False Indicate whether the statement is true or false
The effect of monetary policy is greatest
A. If the money demand curve is elastic. B. In the liquidity trap. C. When investment demand becomes more responsive to changes in the interest rate. D. If lenders and borrowers have low expectations about the economy.
If a good is scarce, does that imply that there is a shortage of it?
What will be an ideal response?