In real business cycle theory, business cycle expansions begin as a result of changes in
A) GDP.
B) long-run aggregate supply.
C) aggregate demand.
D) consumption.
E) investment demand.
B
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The burden of a tax falls entirely on buyers if ________
A) the price elasticity of demand is zero (perfectly inelastic) B) the price elasticity of demand is greater than 1 C) the income elasticity of demand is high D) the price elasticity of supply is unitary elastic
Refer to Figure 1-1. Using the information in the figure above, calculate the percentage change in sales of alcoholic beverages between 2013 and 2015
A) 23.8% B) 40% C) 42.9% D) 73.3%
Refer to the graph shown. If this perfectly competitive firm is producing 120 units of output, the market price is equal to:
A. 2.50. B. $0.40. C. $48. D. impossible to determine with the information given.
Successful tacit collusion is most likely to arise among oligopolistic firms when they:
a. are all the same size. b. all have the same production costs. c. do not have a means of engaging in nonprice competition. d. each play the tit for tat strategy.