According to the search model, the marginal cost of acquiring information about a product
a. is greater for a doctor than a nurse's aide
b. is the same for high-income consumers as for low-income consumers
c. is greater for expensive items than for cheap items
d. is greater for cheap items than for expensive items
e. diminishes as more information is acquired
A
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The supply curve for housing in the very short run is likely to be
A) very elastic. B) very inelastic. C) unit-elastic elastic. D) perfectly elastic.
Assuming MPC = 0.5, a $2,000 decrease in intended investment will shift the aggregate expenditure curve down by
a. $2,000 and will decrease the equilibrium level of national income by $2,000 b. $2,000 and will decrease the equilibrium level of national income by less than $2,000 c. $2,000 and will decrease the equilibrium level of national income by more than $2,000 d. more than $2,000 and will decrease the equilibrium level of national income by more than $2,000 e. less than $2,000 and will decrease the equilibrium level of national income by less than $2,000