Firms in a(n) ________ produce an efficient scale of output
A) monopolistically competitive market
B) monopoly market
C) oligopoly market with differentiated products
D) perfectly competitive market
D
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Suppose the government of South Island fixes the exchange rate of its currency, the Islandia, in terms of the U.S. dollar. Initially the exchange rate is set at $1 per Islandia. In a crisis, the government changes the exchange rate to $0.50 per Islandia. This is an example of a(n):
A. devaluation B. revaluation C. depreciation D. appreciation
According to this Application, one solution proposed to deal with the rising expenses of government entitlement programs is to raise taxes. An increase in taxes to help cover the rising expenses of entitlement programs would
A) increase aggregate demand, shifting the AD curve to the left. B) decrease aggregate demand, shifting the AD curve to the left. C) decrease aggregate demand, shifting the AD curve to the right. D) increase aggregate demand, shifting the AD curve to the right.
Refer to Figure 11-4. Which of the following combinations of points illustrates changes in the Soviet Union's economy from 1950 to 1980?
A) A to B to C B) B to D C) B to E D) E to B
What assumptions do economists make about the time period known as the short run?
What will be an ideal response?