The fact that supermarkets, a land-intensive form of organization, have become the dominant form of grocery store in the United States suggests that there is little or no potential for input substitution in the grocery store business
Indicate whether the statement is true or false
FALSE
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Fill in the blank: Information is a ________ good
A) free B) scarce C) futile D) non-economic
Fiscal policy actions that are intended to have long-run effects on real GDP attempt to increase ________ through changing ________
A) aggregate supply; government spending B) aggregate demand; taxes C) aggregate supply; taxes D) aggregate demand; government spending
The bowed-out shape of the production possibilities frontier indicates increasing opportunity costs
a. True b. False
Suppose demand increases and supply increases. Which of the following will happen?
a. Equilibrium price will rise, fall, or stay the same while equilibrium quantity will decrease. b. Equilibrium price will rise, fall, or stay the same while equilibrium quantity will increase. c. Equilibrium quantity will rise, fall, or stay the same and equilibrium price will increase. d. Equilibrium quantity will rise, fall, or stay the same while equilibrium price will decrease. e. The change in equilibrium price and quantity cannot be determined.