Both economists and mathematicians have shown there exists at least one set of prices that will clear all markets in a system simultaneously, known as equilibrium price.
Answer the following statement true (T) or false (F)
True
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A period of sustained growth in output in an economy is referred to as a(n) _____
a. expansion b. contraction c. peak d. trough e. recession
When natural resources are commonly owned, the exhaustion of these resources are evenly spread over current and future periods
a. True b. False Indicate whether the statement is true or false
When the average total cost is rising, it must be the case that the
a. average total cost is below average fixed cost b. fixed cost is not very high c. marginal cost is greater than the average variable cost d. average fixed cost exceeds average variable cost e. average variable cost exceeds average total cost
A decrease in the average price level leads to a decrease in the purchasing power of wealth
a. True b. False Indicate whether the statement is true or false