Because there are many sellers in monopolistic competition, sellers often have ______ control over the approach of competing sellers.
a. little
b. significant
c. varying
d. average
a. little
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Refer to the above figure. Suppose the economy is in equilibrium at point A
If the Fed tries to stimulate the economy by undertaking an expansionary monetary policy action and this is not expected by the people in the economy, we would expect to see A) aggregate supply shifts up as people anticipate the effects of the expansionary monetary system. In the short run, real GDP falls to $13 trillion and the price level rises to 120. In the long run, real GDP returns to $14 trillion, and the price level increases further, to 150. B) aggregate demand increases but people would anticipate this, causing the short-run aggregate supply curve to shift up at the same time, with the new equilibrium of $14 trillion of real GDP and a price level of 100. C) aggregate demand increases, real GDP increases, and the price level increases in the short run. In the long run, people realize the real situation, causing the short-run aggregate supply curve to shift u
An outward shift in the demand curve for land will
a. make previously zero-rent land profitable. b. induce people to begin to use land more extensively. c. force reductions in rents. d. be accompanied by a shift in the supply of land.
Virtual Currency Unit 3 (VCU3) poses a __________ risk to nations in which is it used because ___________________________
a. Low; it can be spent only in virtual worlds. b. Low; when converted into legal tender, it has no effect on a nation's M2 money supply or monetary base. c. Low; it does not have the potential to raise a nation's price level or threaten the nation's payment system. d. All of the above are true.
Which of the following factors is not a barrier limiting the entry of potential competitors into a market?
A. legally enforced patent rights B. an inelastic demand for a product C. economies of scale D. ownership of a vital resource