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1. Two goods are substitutes if an increase in the price of one good leads to an increase in demand for the other.
A) True
B) False
2. If the quantity supplied of a product is greater than the quantity demanded for a product, there is pressure in the market to push the price upward.
3. The market system works by getting each person, motivated by his or her own self-interest, to produce products for other people.
4. Markets exist to facilitate exchange between people.
5. The cost of a master's degree in engineering equals the tuition plus the cost of books.
Expansionary monetary or fiscal policy would most likely be effective in reducing which type of unemployment? .Frictional unemployment
If the Japanese central bank maintains the disequilibrium fixed exchange rate of 150 yen per U.S. dollar, what happens to Japan's foreign reserves?
what market form did the market for graduation regalia (a gown, hood and mortar board) at ANU most closely resemble before Mr. Liu started his UniGowns business?
Unemployment generated by the existence of labor unions is structural unemployment and so contributes to the natural rate of unemployment.
Do the exercise Skill-Building "Conducting a SWOT Analysis": After reading the instruction for this exercise, take a goal from your Company (general or departmental) and apply the SWOT analysis in order to find strategies to achieve this goal.
Suppose there is a decline in marginal costs for one member of a cartel. What impact will this have on the incentive of that firm to cheat on the cartel agreement? Explain.
Describe the output level where average variable costs are minimized. Determine the output level where marginal costs are minimized.
q1. the demand for tobacco is price inelastic. assume there is a drought that destroys a large portion of the tobacco
Monopoly and Antitrust Policy. What is the difference between holding a monopoly and monopolization? Which is illegal? Explain.
Pick one of the characteristics of a perfectly competitive firm and explain in detail why it may not hold up in real-life. Use a specific example to illustrate your answer.
Suppose that a manufacturer is a monopolist in selling some product to a number of competitive retailers at wholesale price w. The manufacturer has marginal cost of $10 per unit. What is the market equilibrium retail price p? What is the profit-maxim..
Elucidate in which country is an expansionary monetary policy likely to have a larger effect on aggregate output. Explain your answer using aggregate supply and aggregate demand curves.
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