In the absence of an even-handed legal system, high transaction costs will eliminate many potential mutually advantageous trades and the accompanying gains from
a. division of labor and specialization.
b. expansion in the size of the market.
c. economies of scale resulting from use of mass production methods.
d. all of the above.
D
Economics
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Expansionary fiscal and monetary policies attempt to ____ AD and ____ GDP
Fill in the blank(s) with the appropriate word(s).
Economics
Along the long-run aggregate supply curve, the level of RGDP supplied ____ with increases in the price level
a. does not change b. increases c. decreases slightly d. decreases dramatically
Economics