In an oligopoly, the demand curve facing an individual firm depends upon
a. the behavior of competing firms
b. the shape of the firm's average total cost curve
c. the shape of the firm's marginal cost curve
d. the firm's supply curve
e. the shape of the firm's average variable cost curve
A
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"The Consumer Price Index increased by 4.2 percent in the first quarter of this year." What type of statement is this?
a. normative b. negative c. positive d. subjective e. biased
If a balanced budget were required in 2008, the government would have been required to cut spending and increase taxes
a. True b. False Indicate whether the statement is true or false
The bonds held in the Social Security Trust Fund
a. are a valuable asset of the federal government. b. will generate a future stream of net income for the federal government. c. are an IOU from one government agency (the U.S. Treasury) to another (the Social Security Administration). d. are necessary to provide retirement benefits for future retirees.
In a market economy, economic activity is guided by
a. the government. b. public-interest groups. c. central planners. d. self-interest and prices.