Demand and supply shifts will cause a price to change, but a change in the price of only a good affects quantity demanded and quantity supplied, never demand and supply itself
a. True
b. False
Indicate whether the statement is true or false
True
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Bindy, an 18-year-old high school graduate, and Luciana, a 40-year-old college graduate, just purchased identical hot new sports cars. Acme Insurance charges a higher rate to insure Bindy than Luciana. This practice is an example of:
A) collusion. B) price discrimination. C) two-part tariff. D) bundling. E) none of the above
Externalities are created when parties not involved in an economic transaction are affected by it
a. True b. False Indicate whether the statement is true or false
In general, as units of resource inputs rise, their marginal revenue product
A. rises. B. stays the same. C. declines.
In the Keynesian model, a $5 billion decrease in investment leads to ________ in short-run equilibrium output.
A. a greater than $5 billion decrease B. no change. C. a $5 billion decrease D. a $5 billion increase