Monopolistic competitors are
a. price takers
b. price searchers
c. price maximizers
d. price ignorers
e. collusive price fixers
B
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One of the most crucial ideas in macroeconomics is understanding that:
A. measuring total expenditures or total income both equal total production of an economy. B. GNP is the most commonly used measurement of total production. C. prolonging economic downturns can be prolonged by fiscal policy. D. zero unemployment is the best way to achieve economic growth.
The study of how one business firm sets its prices would fall under the study of:
a. Economic growth b. Microeconomics c. Income distribution d. Macroeconomics
Alex receives a raise at work and continues to work the same number of hours each week. What is the most likely way that his demand for $3 T-shirts, which he considers an inferior good, change?
(A) It will increase. (B) It will stay the same. (C) It will fluctuate erratically. (D) It will decrease.
Refer to the graph. Which of the following schedules correctly reflects "supply"?
What will be an ideal response?