In an open economy, the quantity demanded of corn in the domestic market is ________.
A. 150 million bushels
B. 900 million bushels
C. 300 million bushels
D. 600 million bushels
Answer: C
You might also like to view...
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Which factor would facilitate tacit collusion among firms in a market?
a. an increase in the number of firms. b. a decrease in the probability the market will continue into future periods. c. a decrease in the interest rate. d. none of these.
The price elasticity of demand measures consumer responsiveness to a price change
a. True b. False Indicate whether the statement is true or false
Classical economists think general equilibrium is attained relatively quickly because
A) the real interest rate adjusts quickly. B) the level of output adjusts quickly. C) the real wage rate adjusts quickly. D) the price level adjusts quickly.