If the price of medical services goes up 10% and quantity demanded falls by 3%, demand is ________.
Fill in the blank(s) with the appropriate word(s).
inelastic
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If a firm increases output and its average total cost rises, then the firm is experiencing economies of scale
a. True b. False Indicate whether the statement is true or false
A rise in the budget deficit
a. shifts both the supply of loanable funds in the market for loanable funds and the supply of dollars in the market for foreign-currency exchange right. b. shifts both the supply of loanable funds in the market for loanable funds and the supply of dollars in the market for foreign-currency exchange left. c. shifts both the demand for loanable funds in the market for loanable funds and the demand for dollars in the market for foreign-currency exchange right. d. shifts both the demand for loanable funds in the market for loanable funds and the demand for dollars in the market for foreign-currency exchange left.
What is one thing the Fed can do to increase the money supply?
a. raise reserve requirements b. increase the interest rate paid on reserves c. buy bonds d. increase the discount rate
In the short run, a firm will eventually experience rising per-unit costs because of:
a. economies of scale. b. diseconomies of scale. c. the law of supply. d. the law of diminishing returns.