A firm has market power if it can raise the price of its product and still sell product to customers.
Answer the following statement true (T) or false (F)
True
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In the above figure, B is the current long-run aggregate supply curve and E is the current short-run aggregate supply curve. Technological advances mean the long-run aggregate supply curve and short-run aggregate supply curve
A) remain B and E. B) shift to A and D, respectively. C) shift to C and F, respectively. D) shift to C and remain E, respectively.
The Dot-Com bubble in the U.S. occurred due to: a. a rapid fall in the stock prices of manufacturing companies
b. a rise in housing prices relative to the rental cost of housing. c. a dramatic rise in the shares of stock in the South Sea Company. d. an unforeseen rise in the price of tulip bulbs which were the major exports of the U.S at that time. e. the exceptionally high price-to-earnings ratios of high-tech companies in the U.S.
Double counting in the national income accounts will be avoided if GDP is computed by totaling all:
A. sales. B. sales of final output. C. production costs. D. sales of final output and intermediate goods.
The best measure of the economic cost of doing your homework is
A. The economic cost plus the accounting cost of doing the homework. B. The tuition paid for your education plus the cost of any required textbooks. C. The amount you would have to pay to get someone else to do it. D. The most valuable opportunity you give up when you do your homework.