Figure 6-5
If the demand curve in Figure 6-5 is unit elastic, then total expenditure at A is ____ total expenditure at B.
A. greater than
B. less than
C. equal to
D. less elastic than
Answer: C
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If one firm in a perfectly competitive industry is somehow able to produce at a lower cost than competing firms in the short run,
a. the competing firms will adopt similar production techniques in the long run. b. the more efficient firm will earn higher profits than the competing firms in the long run. c. the competing firms will earn higher profits than the more efficient firm in the short run. d. the competing firms will go out of business in the long run.
Inflation targeting alleviates the problem of
a. money multiplier instability that makes money targeting difficult. b. time inconsistency. c. a lack of credibility in monetary policy. d. both b and c. e. all of the above.
Social Security benefits alone assure an adequate income for the elderly
Indicate whether the statement is true or false
If consumers value the product-specific services for a new smartphone at $25, if retailers offer the product-specific services for the smartphone, the market ________ will ________.
A) demand; not shift B) demand; shift to the left C) supply; shift to the right D) demand; shift to the right