One thing that Keynesians and Monetarists agree about is
a. the shape of the money demand function.
b. that business cycles are primarily driven by changes in aggregate demand.
c. the use of monetary and fiscal policy in stabilizing output.
d. that the public forms their expectations primarily by looking backwards.
e. both b and d.
E
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Dell computers has increased production efficiency by
A) producing output with fewer inputs. B) expanding the amount of inputs used. C) outsourcing production. D) relying on decreasing returns to scale.
In an increasing-cost industry, the entry of new firms
a. decreases equilibrium price b. increases average cost at each level of output c. shifts the industry demand curve to the left d. increases economic profits in the industry e. shifts the long-run industry supply curve to the right