Floods in the Midwest that diminish farm output would shift the aggregate supply curve outward
a. True
b. False
Indicate whether the statement is true or false
False
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Bad weather is likely to
A) raise the total revenue farmers receive for their foodstuffs, assuming that demand for their products is inelastic. B) lower the total revenue farmers receive for their foodstuffs, assuming that demand for their products is elastic. C) leave the total revenue farmers receive for their foodstuffs unchanged. D) change the income elasticity of demand for food. E) c and d
Easy monetary policy ________ interest rates which ________ the demand for a currency and ________ the market equilibrium value of the exchange rate.
A. increases; increases; increases B. decreases; decreases; decreases C. increases; decreases; increases D. increases; increases; decreases
The strategy profile in which both players remain silent in the Prisoners' Dilemma can be described as:
a. non-Pareto optimal and unstable. b. Pareto optimal and unstable. c. non-Pareto optimal and stable. d. Pareto optimal and stable.
An industry that realizes such large economies of scale in producing its product that single-firm production of that good or service is most efficient is called a(n)
A. fixed cost monopoly. B. patent monopoly. C. economies of scale monopoly. D. natural monopoly.