A valid and useful theory of gold prices:
A. very likely includes as many details as possible about gold prices.
B. helps to explain and predict the movements of gold prices over time.
C. all of the above
D. very likely relies on complex assumptions.
B. helps to explain and predict the movements of gold prices over time.
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Which of the following could be true of perfect competition but not of monopoly?
a. The government licenses production of the good to a few firms. b. The government grants a patent for the good. c. A firm can earn economic profit in the long run. d. If price falls below average variable cost, it pays to shut down. e. There are no barriers to entry.
Easy entry and exit cause oligopoly profits to be zero in the long run
a. True b. False Indicate whether the statement is true or false
What are the two possible causes of market failure?
Inflation is defined as:
A. an increase in the overall level of prices. B. the rate of growth in nominal GDP. C. a situation where all prices in the economy rise simultaneously. D. the growth phase of the business cycle.