When companies add to their inventories
A. the amount of the change has no effect on the GDP.
B. net exports go up.
C. the amount of the change gets subtracted from the GDP.
D. the amount of the change gets added to the GDP.
Answer: D
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A profit-maximizing output for a single-price monopoly is determined by the intersection of the ________ curves and the profit-maximizing price is found on the ________ curve
A) marginal cost and marginal revenue; marginal revenue B) marginal cost and marginal revenue; demand C) total revenue and total cost; total revenue D) marginal cost and average total cost; demand E) demand and supply; supply
The longer the time period under study,
a. the more elastic is the price elasticity of demand. b. the less sensitive consumers will be to price changes. c. the less adjustment consumers will make to price changes. d. the more inelastic is the price elasticity of demand. e. the more likely any given price cut will result in a smaller reaction by the consumer.