The aggregate price level is a topic of macroeconomics.
Answer the following statement true (T) or false (F)
True
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The supply curve for land: a. is almost perfectly elastic
b. is almost perfectly inelastic. c. is downward sloping. d. is horizontal.
Which industry would be considered to be monopolistically competitive?
A. Groceries in a small remote town. B. Locally owned restaurants in large cities. C. Fast food restaurants along rural interstate highways. D. Agriculture products sold at farmers' market.
One reason economists oppose trade restrictions is that:
A. no nation can benefit from trade restrictions. B. they protect national security, particularly in wartime. C. it is difficult to limit trade restrictions to instances when their use is justified. D. they are an ineffective way to raise tax revenue.
Assuming there are no externalities, if a firm is producing at an output level where the benefits to consumers exceed the cost to the suppliers to produce it, then price
A. is greater than marginal cost. B. is less than marginal cost. C. is less than marginal revenue. D. equals marginal cost.