John Maynard Keynes noted that
A. we could print all the money we want and still have scarcity.
B. "to secure the greatest amount of pleasure with the least possible outlay should be the aim of all economic effort."
C. the general notion that scarcity is due to not having enough money is an illusion.
D. we could print all the money we want and still have scarcity AND the general notion that scarcity is due to not having enough money is an illusion.
D. we could print all the money we want and still have scarcity AND the general notion that scarcity is due to not having enough money is an illusion.
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Price flexibility is a key feature of ________
A) traditional Keynesian theory B) new Keynesian theory C) real business cycle theory D) traditional Keynesian, new Keynesian and real business cycle theory
A commitment
A) is a promise. B) is a contractual arrangement between parties. C) is when one party states that they will not play a game that ends in a prisoner's dilemma. D) is when a party states that they will engage in a certain type of behavior regardless of what others do.
The commercial air travel industry and the wireless service industry illustrate which type of market structure?
a. Oligopoly b. Natural monopoly c. Duopoly d. Perfect competition
A monopolistically competitive firm is currently charging a price of $20 and producing 3,000 units/month. It faces monthly fixed costs of $1,000 and has an average variable cost of $22/unit. We would expect:
a. The firm to earn an economic profit in the long run b. The firm to shut down in the short run c. The firm to raise its price to cover its variable costs d. The firm to adjust its production to minimum efficient scale