Which statement is true?
A. The monopolistic competitor always makes a profit in the short run.
B. The monopolistic competitor operates at peak efficiency.
C. Product differentiation takes place in the minds of the buyers.
D. None of these statements are true.
C. Product differentiation takes place in the minds of the buyers.
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________ consumption is consumption that depends upon the level of GDP and ________ consumption is consumption that does not depend upon the level of GDP
A) Voluntary; autonomous B) Autonomous; voluntary C) Induced; autonomous D) Autonomous; induced
Economic growth is
A) an increase in the per person real production in a nation. B) an increase in stock market values. C) an increase in real estate values. D) an increase in the number of people employed in agriculture.
When final sales are larger than GDP,
a. inventories did not change. b. a net increase in inventories took place. c. a net decrease in inventories took place. d. the direction of any net change in inventories is uncertain.
If the supply curve is more price elastic than the demand curve in a particular market, will the buyers or the sellers bear a larger burden of a per-unit tax imposed on the market?