The price of eggs might go up because:
A) of an increase in the price of bacon.
B) the price of chicken feed increased.
C) the supply of eggs increased.
D) the demand for eggs fell.
Ans: B) the price of chicken feed increased.
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The aggregate production function relating real GDP to labor hours
A) has a constant slope. B) has a negative slope. C) has a positive slope and becomes steeper as employment increases. D) has a positive slope and becomes less steep as employment increases.
Expenditure and tax multipliers are likely to be large
A) if the economy is experiencing deflation. B) when real interest rates rise rapidly. C) during severe recessions. D) if the economy has negative cyclical unemployment.
All of the following are possible characteristics of oligopoly except
a. free entry into the industry. b. significant economies of scale. c. interdependence among sellers. d. homogeneous product.
Compared to other firms, firms that sell highly differentiated products likely incur significant costs associated with
a. advertising. b. the product-variety externality. c. intermediate materials. d. taxes and regulation.