The equation total production = total income = total expenditure is called
A) the goods—market equilibrium condition.
B) the total identity.
C) the fundamental identity of national income accounting.
D) Say's Law.
C
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Marginal benefit curves
A) have positive slopes. B) have negative slopes. C) are horizontal lines. D) are vertical lines. E) are upside-down U-shaped curves.
Conclusions about the misallocation of resources under conditions of monopoly depend, in part, on the crucial assumption that
A) monopolies are interested in economic profits and competitive firms are not. B) the monopolization of a perfectly competitive industry does not change the cost structure of the industry. C) the economies of scale exist only in perfectly competitive industries. D) the marginal cost curve of a monopolist is different from that of a perfectly competitive firm.
Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).According to the Application, why did the price of hops increase?
What will be an ideal response?
The main point of the Consider This box on clipping coins is that:
A. decreases in the money supply cause deflation. B. decreases in tax rates often increase tax revenues. C. inflation imposes a "hidden tax" on those who hold money. D. demand creates its own supply.