Recall the Application about the price and supply of blueberries to answer the following question(s).According to the Application, the upward jump of the price of blueberries from 2005-2007 followed by the drop in the price of blueberries to $1.44/ lb. shows that blueberries are in:
A. a constant-cost industry.
B. an increasing-cost industry.
C. a decreasing-cost industry.
D. a zero-cost industry.
Answer: A
Economics
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A) suspend the rationality assumption. B) avoid having their model depend on any additional assumptions. C) hold certain factors constant. D) be sure that the model will predict correctly.
Economics
The economy is in a recessionary gap and there is evidence that the economy is in a liquidity trap. In this situation, a Keynesian is likely to advocate the use of __________ policy
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Economics