Technological changes that decrease minimum efficient scale
a. reduce concentration
b. increase concentration
c. increase product diversification
d. increase the value of existing assets
e. decrease the exchange rate
A
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Recall the Application about food and drink pricing during "happy hour" at bars and restaurants to answer the following question(s).Recall the Application. In a market subject to monopolistic competition, a restaurant's rational response to more elastic demand is to increase its price.
Answer the following statement true (T) or false (F)
Currency (paper money plus coins) constitutes about:
A. 24 percent of the U.S. M1 money supply. B. 45 percent of the U.S. M1 money supply. C. 51 percent of the U.S. M1 money supply. D. 55 percent of the U.S. M1 money supply.
Those who advocate the marginal productivity theory of income distribution argue that:
A. Government policy should be used to redistribute income based on need B. Family income should be based on a family's demand for products C. Resource markets will set incomes based on workers' contributions to the output of scarce goods and services D. Monopoly and monopsony power do not affect resource payments of the overall distribution of income