An increase in demand will cause a shortage at the original market price
a. True
b. False
Indicate whether the statement is true or false
True
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If supporters of restrictions on imports argue that protection is needed to preserve a strategic industry, which of the following is being used?
A) Protecting national culture argument B) Infant-industry argument C) Save domestic jobs argument D) National security argument E) Dumping argument
A sub-discipline of economics that looks at the economy as a whole is:
a. macroeconomics. b. microeconomics. c. positive economics. d. normative economics. e. impossible to model.
List and describe the four positions held by monetarists that help to explain the monetarists view of the economy
The graph above shows cost curves for a perfectly competitive firm. If market price is $2, how much profit will the firm earn?
A. -$600 B. $600 C. $400 D. zero