Firms with identical cost structures in a competitive market will have an upward sloping market long-run supply curve
a. true
b. false
Answer: b. false
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
The Federal Open Market Committees
A. include all seven members of the Board of Governors, the President, and ranking members of the Senate and Congress. B. conduct the most important parts of monetary policy. C. has complete control over the entire financial system. D. is responsible for the fiscal policy of the United States.
A public good will:
A. be efficiently provided by the free market as long as its total benefits exceed its total costs. B. be efficiently provided by the free market as long as its marginal benefits exceed its marginal costs. C. be provided in less than efficient quantities by the free market. D. be provided in efficient quantities by voluntary contributions.
Which of the following products has the least elastic demand?
A. Raspberry Mocha Kona coffee blend at Starbuck's B. Starbuck's coffee C. coffee D. all beverages