If buyers of a monopolistically competitive product feel the products of different sellers are strongly differentiated, then the demand for each seller's product is
A) relatively elastic. B) relatively inelastic. C) perfectly inelastic. D) perfectly elastic.
B
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In order to be able to consume more in the future, you have to consume
A) less today and save the difference. B) more today to increase supply. C) more consumer goods. D) fewer capital goods.
The price of a good tends to decrease if there is a shortage of that good in the market
a. True b. False Indicate whether the statement is true or false
A rightward shift in the aggregate demand curve can be caused by an increase in:
A. the price level. B. business investment spending. C. taxes. D. production costs.
________ would be the source of a "real" business cycle
A) Unanticipated changes in monetary policy B) Anticipated changes in monetary policy C) Technology shocks D) all of the above