Markets in which the behavior of the firms theoretically leads to an efficient allocation of resources that maximizes the benefits to consumers given the resources available to consumers are
A. monopolistic competition and oligopoly.
B. monopoly and oligopoly.
C. monopolistic competition and monopoly.
D. perfect competition and perfectly contestable.
Answer: D
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If the economy is currently in equilibrium at a level of GDP that is below potential GDP, which of the following would move the economy back to potential GDP?
A) an increase in the value of the dollar relative to other currencies B) a decrease in business confidence C) an increase in wealth D) an increase in interest rates
Assume the price elasticity of supply for grade wheat has been estimated to be +0.82. This means that when the price of wheat increases by 10 percent, the quantity of wheat supplied to the market increases by 82 percent
Indicate whether the statement is true or false