In a perfectly competitive market, there are ________ buyers and ________ sellers
A) many; many B) many; few C) few; many D) few; few
A
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In economics, cost is measured as ________, and benefit is measured as ________
A) what you are willing to pay on the margin; what the government pays you when you are unemployed or retired B) the amount of money that you pay on the margin; the amount of money that you receive on the margin C) what you must give up to get something; what you are willing to give up to get it D) the amount of money that you pay for something; the amount of money that someone else is willing to pay you E) what you are willing to give up to get it; what you must give up to get something
A monopoly's economic profit is protected by the lack of entry of new firms even in the long run
Indicate whether the statement is true or false
If demand is inelastic, a reduction in price will lead to a drop in total revenue.
Answer the following statement true (T) or false (F)
Refer to the given market-for-money diagrams. If each dollar held for transactions is spent four times per year on the average, we can infer that the:
A. real GDP is $800.
B. nominal GDP is $800.
C. money supply must be $800.
D. nominal GDP is $1,200.