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If the price of a good rises, what are people likely to do? a Substitute a less expensive good b Buy more of the good c Buy more of all goods because of added buying power d All of the above Other things being equal, a decrease in the cost of producing a good will cause which of the following? a An increase in the opportunity tangency of producing the good b A rightward shift in the supply curv c A decrease in the quantity supplied d An increase in the price of the good Which of the following is an unintended consequence of rent controls? a lower rents for tenants b a short of rent-controlled apartments c a surplus of rent-controlled apartments d All of the above.
What are the 4 scarce, factors of production and what is a description of each of them. What are the costs to these resources?
RELATIONSHIP WITH 8 VARIANTS OF NATIONAL PRODUCT AGGREGATES We have shown the distinction between national product at market prices and national product at factor cost, based
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What do is and LM curve signify?
Perfect Competition. a. What does it mean for a market to be perfectly competitive? What are the three conditions of perfect competition. What does it mean for firms to be 'p
Evaluating Legal Prices: Collect information regarding the minimum wage. State the procedure of this legal price, assess its impact on the market for labor, and evaluate the extent
"The price of Brent crude oil has hit $111 a barrel and US crude also rose in price, as worries persist about the unrest in Libya". (BBC News, 2011) This quote, from the BBC news w
Question 1: (a) Distinguish between the short run and long run profits of a competitive firm by using graphical representations. (b) Compare and contrast between perfect c
illustrate and discuss the implications of various market structures (competitive and non-competitive)for price determination.
Why do we still have problem of "unemployment" ? How could we solve the problem? Which one is better fixed or flexible exchange rate of unemployment ?
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