Mercantilists perceived trade as a zero sum game
Indicate whether the statement is true or false
TRUE
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If the price of gasoline rises at the Exxon gas station at a busy intersection, the Mobil station at the same intersection will experience
a. an outward shift of the demand curve it faces b. an inward shift of the demand curve it faces c. a rightward movement along the same demand curve it faces d. a leftward movement along the same demand curve it faces e. neither a shift in nor a movement along the demand curve it faces
When a union raises the wage above the equilibrium level, it
a. reduces both the quantity of labor supplied and the quantity of labor demanded. b. reduces the quantity of labor supplied and raises the quantity of labor demanded. c. raises the quantity of labor supplied and reduces the quantity of labor demanded. d. raises both the quantity of labor supplied and the quantity of labor demanded.
Which of the following can tax cuts influence?
a. aggregate demand and aggregate supply b. aggregate demand but not aggregate supply c. aggregate supply but not aggregate demand d. neither aggregate demand nor aggregate supply
Long-run equilibrium for firms in monopolistically competitive industries is similar to that for firms in perfect competition in that
A. price equals minimum possible average total cost. B. price equals marginal cost. C. marginal revenue equals average total cost. D. price equals average total cost.