Mark Frost grows apples in a perfectly competitive market. If we drew a line in a graph that illustrates Mark's total revenue from selling apples, it would be
A) a straight, upward-sloping line.
B) a straight, downward-sloping line.
C) a horizontal line.
D) a curve that is negatively sloped at low levels of output and positively sloped at higher levels of output.
A
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.If expansionary monetary policy reduces real interest rates in the United States, which of the following is most likely to occur?
What will be an ideal response?
The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
In order for an economy to increase its production possibilities, the economy must
A) be very efficient. B) increase inputs. C) increase its wants. D) reduce output.
Common property often results in
A. exclusive rights of ownership. B. more efficient production of goods. C. a negative externality. D. a social benefit.