It required less labor time to buy a college education in 1995 than it did in 1965.
Answer the following statement true (T) or false (F)
False
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Under monopolistic competition, the number of firms increases as fixed entry costs fall and as demand for the type of good produced in the market increases.
Answer the following statement true (T) or false (F)
Economists believe that the development of a new technology provides a way for an economy to sidestep the diminishing marginal returns of capital deepening. What is the reason behind such belief?
The model of aggregate demand and aggregate supply explains the relationship between
a. the price and quantity of a particular good. b. unemployment and output. c. wages and employment. d. real GDP and the price level.
Which of the following is NOT a predictable result of a price ceiling set below the market clearing? price?
A) an illegal market in the good
B) excess quantity supplied
C) excess quantity demanded
D) lines to purchase the product