The primary difference between the neoclassical growth model and endogenous growth models is that
a. the neoclassical growth model assumes that technology is exogenous.
b. endogenous growth models attempt to explain movements in technology within the model.
c. changes in savings rates can affect growth in the long-run in endogenous growth models.
d. both a and b.
e. all of the above.
E
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The above figure shows a graph of the market for pizzas in a large town. As a result of concern over the affordability of pizza, the government restricts sellers from charging a price over $7. As a result, the quantity of pizzas consumed will
A) increase. B) decrease. C) remain unchanged. D) be indeterminable.
Which of the following is characteristic of a pure monopolist's demand curve?
A. Average revenue is less than price. B. Its elasticity coefficient is 1 at all levels of output. C. Price and marginal revenue are equal at all levels of output. D. It is the same as the market demand curve.