Consumption is the total value of all goods that a household consumes in a given period.
Answer the following statement true (T) or false (F)
False
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The above figure shows the demand and cost curves for a firm. The figure shows a
A) monopolistically competitive firm in the long run. B) perfectly competitive firm earning zero profit. C) monopolistically competitive firm in the short run. D) perfectly competitive firm in the short run.
In Figure 9.6, if full employment occurs at QB, then aggregate demand is
A. Too great, causing demand-pull inflation. B. Too great, causing cyclical unemployment. C. Just right, causing no cyclical unemployment. D. Too small, causing cyclical unemployment.
The price elasticity of demand for a good is relatively elastic if:
A. there are a large number of substitutes. B. the consumer has more time to make decisions about purchasing the good. C. the good is less of a necessity. D. All of these
The formula for computing a basic price index is
A. (100/cost of market basket in base year) + cost of market basket today. B. (cost of market basket today/cost of market basket in base year) × 100. C. (cost of market basket in base year/100) × cost of market basket today. D. (cost of market basket in base year/cost of market basket today) × 100.