A mild winter in the United States is likely to
A. increase the supply for heating oil.
B. decrease the supply for heating oil.
C. increase the demand for heating oil.
D. decrease the demand for heating oil.
D. decrease the demand for heating oil.
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A fall in the money wage rate shifts
A) both the SAS and LAS curves rightward. B) both the SAS and LAS curves leftward. C) the SAS curve rightward but leaves the LAS curve unchanged. D) the LAS curve rightward but leaves the SAS curve unchanged.
In the long run in monopolistic competition, firms earn zero economic profit
a. True b. False
If the real gross domestic product (GDP) is $5 trillion for a particular year and the GDP price index is 140, then the nominal GDP is $7 trillion
a. True b. False Indicate whether the statement is true or false
A key assumption of most economic analysis is that people are altruistic, meaning that they act in their own self-interest.
Answer the following statement true (T) or false (F)