For the monopolistically competitive firm, the steepness of the demand curve depends on:
A. the steepness of the MC curve.
B. the number of consumers in the market.
C. the availability of close substitutes.
D. None of these statements is correct.
C. the availability of close substitutes.
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According to classical growth theory, when real GDP per person ________, the population grows
A) is less than the subsistence real income B) is less than capital per hour of labor C) is constant D) exceeds the subsistence real income E) exceeds capital per hour of labor
The total physical product of an input is the same thing as its
A. total revenue product. B. marginal physical product times output. C. output. D. total consumer’s surplus.
The demand for firewood is likely to be more elastic in the summer than in the winter
a. True b. False
Which of the following policies would most likely increase the money supply?
a. Selling government bonds b. Raising the discount rate c. Lowering tax rates d. Lowering the required reserve ratio e. Decreasing the prime lending rate