Supply and demand provides the basic explanatory framework for constructing both microeconomic and macroeconomic models
a. True
b. False
Indicate whether the statement is true or false
True
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To understand most of today’s economic activity in the U.S. economy, we should look at which of the following models?
A. Perfect competition and pure monopoly B. Perfect competition and oligopoly C. Oligopoly and monopolistic competition D. Monopolistic competition and monopoly
Small time deposits are included in
a. M1 but not M2. b. M2 but not M1. c. M1 and M2. d. neither M1 nor M2.
As cities prospered and per-capita incomes increased, the demand for bus travel diminished. This suggests that:
A. cities could raise revenue by increasing bus fares. B. the demand for bus travel is price elastic. C. bus travel and automobile travel are complements. D. bus travel is an inferior good.
Marginal revenue product is
A. marginal physical product multiplied by marginal revenue. B. the total revenue from the sale of the product sales. C. marginal physical product multiplied by average variable cost of the product. D. the price of the product.