Keynes asserted that wealth was the most important determinant of consumer spending.
Answer the following statement true (T) or false (F)
False
Keynes believed that disposable income was the most important determinant of consumer spending.
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Refer to Figure 9-3. What is the area that represents revenue to foreign producers who are granted permission to sell in the U.S. market when there is a quota?
A) I + J + K+ L B) E + I + J + M C) I + J D) G + H + I + J
A monopolistic competitor is in long-run equilibrium when
A) economic profits are equal to zero and the average total cost curve is tangent to the demand curve. B) economic profits are equal to zero and the marginal cost curve is tangent to the demand curve. C) economic profits are greater than zero and the average total cost curve is tangent to the demand curve. D) economic profits are greater than zero and the marginal cost curve is tangent to the demand curve.