Putting quarters into a Las Vegas slot machine and receiving quarters out of that machine is analogous to
a. the gross domestic product
b. aggregate demand
c. aggregate supply
d. consumption
e. the circular flow of money through firms and households
E
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In the long run, firms in monopolistic competition earn zero economic profit because
A) firms are free to enter and exit. B) their products are similar but slightly different. C) of over-reliance on product marketing. D) of collusion among the various sellers. E) their demand curves are horizontal.
Which of the following is a positive economic statement?
A. We should try to eliminate poverty in the United States. B. If the price of eggs increases, the quantity demanded of eggs will fall. C. Policymakers should strive to eliminate government budget deficits. D. The President of the United States should promote high employment growth in the United States.