Econometrics is the use of statistics to quantify and test economic models
Indicate whether the statement is true or false
T
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Sugar price supports primarily benefit consumers.
Answer the following statement true (T) or false (F)
Long-run aggregate supply reflects
A) total production in the economy at full employment. B) total spending in the economy at full employment. C) both production and spending in the economy. D) only foreign production from U.S. subsidiaries.
When the price of a good is above its equilibrium price, a:
A. surplus puts upward pressure on the price. B. surplus puts downward pressure on the price. C. shortage puts upward pressure on the price. D. shortage puts downward pressure on the price.
Under pure monopoly, a profit-maximizing firm will produce:
A. In the inelastic range of its demand curve B. In the elastic range of its demand curve C. Only where marginal costs are decreasing D. Only where marginal revenue is increasing