Macroeconomics helps explain economic fluctuations, why the economy shrinks and expands and why some of the economy's resources are idle
Indicate whether the statement is true or false
TRUE
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Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price decreases from $9 to $7 is
A. unit elastic. B. inelastic. C. elastic. D. perfectly inelastic.
Goods and services that are nonexcludable and nonrivalrous, and tend to be indivisible are ______
A. public B. private C. both public and private D. neither public nor private
Suppose that goods X and Y are substitutes and the price of good Y falls. We would then expect
A. the quantity of good Y demanded to increase and the demand for good X to increase also. B. an increase in the demand for good X and a decrease in the quantity of good Y demanded. C. an increase in the demand for both good X and good Y. D. an increase in the quantity demanded of good Y and a decrease in the demand for good X.
A noncooperative game is
A. companies colluding in order to make higher than competitive rates of return. B. when plans made by firms are known as game strategies. C. the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry. D. a game in which firms will not negotiate in any way.