In a voluntary exchange,
A) both parties tend to receive more in value than they give u
A
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An industry consists of six firms with annual sales of $300, $500, $400, $700, $600, and $600. According to the general rule of thumb, the HHI of this industry implies that the market structure is:
A. noncompetitive. B. monopoly. C. noninclusive. D. competitive.
Which of the following is NOT a correct description of opportunity cost of capital?
A) It is the normal rate of return on investment. B) It is normally included in accounting costs. C) It is the income sacrificed by not investing in another firm. D) It is an implicit cost.
The income elasticity of demand is calculated as the
A. percentage change in quantity demanded divided by the percentage change in income. B. percentage change in quantity demanded multiplied by the percentage change in income. C. percentage change in income divided y the percentage change in price. D. percentage change in income divided by the percentage change in quantity demanded.
In the aggregate demand-aggregate supply model, the economy's price level is assumed to be ________.
A. constant, just like in the aggregate expenditures model B. variable, unlike in the aggregate expenditures model C. constant, unlike in the aggregate expenditures model D. variable, just like in the aggregate expenditures model