Monopolistically competitive sellers are price takers
a. True
b. False
Indicate whether the statement is true or false
False
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In the 1970s we had _____ recessions and in the 1980s we had _____ recessions.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements is true
a. in market equilibrium there are unconsummated value-creating transactions b. in market equilibrium there are unconsummated wealth-destroying transactions c. in market equilibrium there are no unconsummated wealth-creating transactions d. none of the above
Standby passengers on airlines who pay low rates for seats benefit from the low price. How are the airlines affected?
A. They lose, because the standby passengers do not cover the full cost of the seats. B. They gain, because the additional revenue covers the “fixed costs” of the flight. C. They lose, because the gain of the passengers must necessarily come at the expense of the airline. D. They benefit as long as the additional revenue from the passengers exceeds the marginal cost. E. Uncertain, because economic theory says nothing about this sort of situation.
A laissez-faire macroeconomic policy, based on a __________ in self regulating properties of the economy, implies __________ by the government
A) belief; active policymaking B) belief; noninterference C) disbelief; active policymaking D) disbelief; noninterference