Markets in which firms sell their output of goods and services are called:
a. Product markets
b. Command markets
c. Mixed markets
d. Resource markets
a. Product markets
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A decrease in the price of the output will decrease the firm's demand for labor
a. True b. False Indicate whether the statement is true or false
Assuming no government intervention, describe the market behavior that should result if the price of a product is below its equilibrium price; then describe the behavior that should occur if the price is above its equilibrium price
Please provide the best answer for the statement.
"The United States should adopt more open trade policies because they historically have caused increased economic growth." This is an example of what kind of statement?
A. Normative B. Positive C. Unequivocally false D. Unequivocally true
If real output is $20 billion, the price level is 4, and velocity is 2, what is the stock of money?
A. $2.5 billion B. $10 billion C. $40 billion D. $160 billion