Which of the following is a linear demand function?
A. Qxd = ?0 + ?XPX2 + ?YPY2 + ?MM2 + ?MH2.
B. Qxd = ?PX?X PY?Y M?M H?H.
C. Qxd = ? + ?X log PX + ?Y log PY + ?M log M + ?M log H.
D. Qxd = ?0 + ?XPX + ?YPY + ?MM + ?HH.
Answer: D
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The time it takes to overcome the practical and procedural hurdles before the Fed can begin to fix the economy is called the
A) recognition lag. B) implementation lag. C) impact lag. D) liquidity lag.
A firm in monopolistic competition makes its decisions on quantity and price by
A) taking price as given from the market and producing where MR = MC. B) taking both price and quantity as given from the market. C) producing where MR = MC and setting the price for this quantity from the demand curve. D) taking quantity as given from the market and setting the price for this quantity from the demand curve. E) producing where MR = MC and setting the price so that P = MR = MC.