The price of natural gas fell and the quantity sold also fell. Everything else being equal, it is consistent that
A. the price of oil fell.
B. natural gas workers received large wage increases.
C. more efficient gas drilling equipment was installed.
D. consumer incomes rose.
E. the supply of natural gas fell.
Answer: A
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If Sean thinks that the choice between going to Olive Garden or Red Lobster is simply too confusing, a behavioral economist will explain that Sean is showing ________
A) the endowment effect B) bounded rationality C) bounded self-interest D) bounded will power
In the aggregate expenditures model, if aggregate expenditures (AE) are greater than GDP, then:
a. inventory is depleted. b. inventory is accumulated. c. inventory is unchanged. d. employment decreases.
Japan did not lead the world in automobile production in the 1950s because _________________________.
Fill in the blank(s) with the appropriate word(s).
What is meant by economies of scale and what is the importance of this concept to economic growth?
Please provide the best answer for the statement.