Two goods are said to be substitutes when a fall in the price of one good:
A) leads to a left shift in the demand for the other good.
B) leads to a rise in the price of the other good.
C) doesn't affect the demand for the other good.
D) leads to a right shift in the demand for the other good.
A
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Which of the following statements is correct?
A. The demand curve for a purely competitive firm is perfectly elastic, but the demand curve for a purely competitive industry is downsloping. B. The demand curve for a purely competitive firm is downsloping, but the demand curve for a purely competitive industry is perfectly elastic. C. The demand curves are downsloping for both a purely competitive firm and a purely competitive industry. D. The demand curves are perfectly elastic for both a purely competitive firm and a purely competitive industry.
Preferred Budgets ($ in millions)567891011Number of voters (in thousands)61016201595Table 15.2Table 15.2 shows the preferred budget for a new civic center and the number of voters in a community who prefer that budget. If Jay proposed $7 million while David proposed $10 million, Jay will get ________ thousand votes while David gets ________ thousand votes.
A. 32; 29 B. 46; 49 C. 52; 29 D. 51; 29
According to some New Keynesian theories, one possible rationale for active policy making is
A. flexible prices. B. growing competition in U.S. product markets. C. people are not rational and so do not react to incentives. D. sluggish adjustment of the price level in response to changes in aggregate demand
The marginal revenue curve for a monopolistically competitive firm is ________ that of a perfectly competitive firm and ________ that of a monopolistic firm.
A. flatter than; steeper than B. flatter than; the same as C. steeper than; flatter than D. the same as; steeper than