In both a monopolistically competitive market and a pure monopoly market, firms
A) can make long-run profits.
B) set price greater than marginal cost.
C) are protected by entry barriers.
D) advertise extensively.
B
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
If a macroeconomist studying the causes of unemployment finds that, historically, changes in technology seem to have caused between five and 15 percent of changes in unemployment, then this macroeconomist is at which step in the process of developing
an economic model? A) Identify the exogenous variables. B) Identify the endogenous variables. C) Develop a model. D) Compare the model with the data. E) Conduct prediction and policy analysis.
Federal land policy of the United States was much less generous toward squatters than some of the colonial government's land policies before Independence
Indicate whether the statement is true or false
Economists use the term ______ to refer to the ability to produce a good using fewer inputs than another producer
Fill in the blank(s) with correct word