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Chapter 1: Q 2RQ. (page 9)
Why do indifference curves slope down?
It slopes downward due to diminishing marginal utility.
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Are households primarily buyers or sellers in the goods and services market? In the labor market?
Why do you think that most modern countries鈥� economies are a mix of command and market types?
In the Keynesian framework, which of the following events might cause a recession? Which might cause inflation? Sketch AD/AS diagrams to illustrate your answers.
a. A large increase in the price of the homes people own.
b. Rapid growth in the economy of a major trading partner.
c. The development of a major new technology offers profitable opportunities for business.
d. The interest rate rises.
e. The good imported from a major trading partner become much less expensive.
Why is it unfair or meaningless to criticize a theory as 鈥渦nrealistic?鈥�
How is the perceived demand curve for a
monopolistically competitive firm different from
the perceived demand curve for a monopoly or a perfectly competitive firm?
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