When the price of a good is low, selling the good is profitable, and so the quantity supplied is large
a. True
b. False
Indicate whether the statement is true or false
False
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A Giffen good
A) is always the same as an inferior good. B) is the special subset of inferior goods in which the substitution effect dominates the income effect. C) is the special subset of inferior goods in which the income effect dominates the substitution effect. D) must have a downward sloping demand curve.
For a monopoly, the marginal revenue from selling an extra unit of output is less than the price of that unit.
Answer the following statement true (T) or false (F)
According to Okun's Law, ________ tends to decline when the growth rate of real GDP is ________
A) inflation rate; low B) inflation rate; high C) unemployment rate; high D) unemployment; low
By definition, an industry with high concentration also is highly competitive
a. True b. False Indicate whether the statement is true or false