Which of the following is similar for both a competitive industry and a monopoly?
A.) The level of economic profits in the long run.
B.) Continuous pressure to improve product quality.
C.) Profits signal consumers' demand for more output.
D.) In the long run, average total costs are minimized.
C.) Profits signal consumers' demand for more output.
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An increase in the expected price level will
a. increase labor supply, money wages, decrease the price level and income. b. decrease labor supply, increase money wages, decrease the price level and income. c. decrease labor supply, decrease money wages, and decrease the price level and income. d. increase labor supply, decrease money wages, decrease the price level, and increase income.
In the figure at? right, a movement from point A to point B can be explained by
A. he increase in exports to the foreign sector h B. the decrease in irterest eles C. a decrease in the real value of cash balances O D. an dscrease in the quantity of money in ciruation AD
A headline reads "Lumber Prices Up Sharply." In a competitive market, this situation would lead to a(n):
a. Increase in the price of new homes and decrease in quantity b. Decrease in the price of new homes and increase in quantity c. Decrease in the price and quantity of new homes d. Increase in the price and quantity of new homes
Economic freedom:
a. is the right to own property. b. means not having to pay taxes. c. is absent in rich countries. d. affects only poor people. e. is the ability to engage in voluntary trade.