A country's balance of trade must be balanced.
Answer the following statement true (T) or false (F)
False
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In which of these instances is demand said to be perfectly inelastic?
a. An increase in price of 2% causes a decrease in quantity demanded of 2%. b. A decrease in price of 2% causes an increase in quantity demanded of 0%. c. A decrease in price of 2% causes a decrease in total revenue of 0%. d. An increase in price of 2% causes a decrease in quantity demanded of 1/2%.
A monopolistically competitive firm chooses
A) both the quantity of output to produce and the price at which it will sell its output. B) the price of the product it sells but market forces determine the quantity it will be able to sell. C) the quantity of output to produce but the price of the product it sells is determined collectively by all firms in the industry. D) the price of the product it sells but the quantity of output to produce is agreed upon by all firms in the industry.