Variables X and Y in the table below are:





A. Positively related

B. Negatively related

C. Not directly related

D. Independently related

Answer: A

Economics

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Which of the following market models results in the highest level of consumer surplus assuming a fixed number of firms with identical costs and a given demand curve?

A) Cournot B) Stackelberg C) Monopoly D) Cartel

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When the actual price level in an economy turns out to be lower than that expected in the short run, _____

a. businesses cut back production b. the potential output level decreases c. the aggregate supply curve shifts leftward d. the aggregate supply curve shifts rightward e. an expansionary gap develops

Economics