A monopolistic competitor, like a(n) ____________, faces a downward-sloping demand curve.
a. monopolist
b. perfect competitor
c. oligarch
d. new entrant
a. monopolist
A monopolistic competitor, like a monopolist, faces a downward-sloping demand curve, and so it will choose some combination of price and quantity along its perceived demand curve.
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In the case of nonexcludable goods, economists contend that the market ___________ produce these goods because of the ________________________
A) will; free rider problem B) will not; law of diminishing marginal utility C) will not; law of diminishing marginal returns D) will not; free rider problem.
Answer the following statement(s) true (T) or false (F)
1.The belief that workers and consumers incorporate the likely consequences of government policy changes into their expectations by quickly adjusting wages and prices is known as rational expectations theory. 2.Professor Robert Lucas, of the University of Chicago, developed the Phillips curve. 3.Rational expectations theorists believe that wages and prices are flexible. 4.Rational expectations theorists believe that government policies designed to alter aggregate demand are highly effective. 5.Real business cycle theorists believe that unexpected changes in the money supply cause fluctuations in real GDP.
Domestically produced goods and services sold to other countries are referred to as
A) exports. B) imports. C) transfer payments. D) capital outflow.
A closed economy is a national economy that
A. has not established diplomatic relations with other national economies. B. has a stock market that is not open to traders from outside the country. C. has extensive trading and financial relationships with other national economies. D. doesn't interact economically with the rest of the world.