Which of the following examples could be used to determine the value of a good for GDP?
a. A good has a 3-year warranty.
b. A good sells for $10 on the market.
c. A good has 8 substitutes.
d. A good costs $5 to produce.
b. A good sells for $10 on the market.
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As the number of firms in a market decreases, the supply curve will shift to the left and the equilibrium price will rise
Indicate whether the statement is true or false
If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? An increase in
A) government purchases. B) oil prices. C) the money supply and a decrease in interest rates. D) taxes.
There are a smaller number of firms that operate in both monopolistic competition and perfect competition.
Answer the following statement true (T) or false (F)
Output Q3 can be produced at the lowest cost by the size of firm represented by
A. ATC1.
B. ATC2.
C. ATC3.
D. ATC4.