A market with well-established rules and structure is a(n) _______ market.
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Formal
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A market economy will produce _____ without any government regulation.
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Too much pollution
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The two types of goods and services produced are _______. an example of _______.
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Consumption goods and services and capital goods; consumption good
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The gap between ______ is the output gap.
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Real GDP and potential GDP
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Firms, households, and governments use the credit market for borrowing. The credit demand curve shows the relationship between the quantity of credit demanded and the real interest rate. the credit demand curve slopes downward because ____________.
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A higherhigher real interest rate reducesreduces a borrowing firm's profit and hence its willingness to borrow.
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The business cycle occurs because ______.
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Aggregate demand and short-run aggregate supply fluctuate, but the money wage rate does not adjust quickly enough to keep real GDP at potential GDP
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The ______________ is the average tendency to save income at a given income level.
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APS
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Forms of money in the united states consist of paper money, coins, and _____.
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Checking account balances
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The location of a firm will be a _________ factor of production in ________ run.
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Variable; the long
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Each point on the demand curve represents the quantity demanded at a specific ______.
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Price
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Diminishing returns begin to occur with the hiring of the _________ unit of labor.
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Third
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A ______ is the difference between the regular selling price of an item and its discounted price.
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Sales price variance
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The supply curve represents the _____ price at which a firm is willing to _____.
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Minimum; sell various quantities of a good
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Individual consumers supply ____ and purchase ____.
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Factors of production; final goods and services
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The amount of an increase in income is called the _________ income.
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Marginal
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If the price elasticity of demand is equal to 2, the good has _____ demand.
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Elastic
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If people have ______ income, they will purchase more of an "inferior"good.
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Less
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If demand is inelastic, a price ________ causes ________ in total revenue.
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Decrease, decrease
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In a competitive market equilibrium the ________ equals the ________ of the last unit sold.
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Marginal benefit; marginal cost
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As production moves up, the average cost per unit decreases because ________.
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Fixed costs are spread over more units
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A supply curve that has a __________ slope represents a more elastic supply curve.
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Flatter
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_________ is (are) the largest implicit cost of operating a business.
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Profit
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Accountants use only ________ costs in their computations of cost.
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Explicit
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There is no supply curve with any model other than ____________ which has a horizontal demand line.
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Pure competition
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The most common pattern for marginal utility is ____________________.
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Diminishing marginal utility
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In the goods market, firms ________ and households ________.
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Supply goods and services; purchase goods and services
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In the ____________, households receive goods and services and pay firms for them.
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Goods & services market
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A person who charges a price that is determined by buying and sales decisions is a _____.
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Price taker
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The gnp accounts for the aggregate of all goods and services produced by americans ____________.
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Regardless of location
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The price of paper increases by a lot. book producers respond by supplying _____ books.
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Fewer
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When unskilled teens earn less than college graduates, society answers the ________ question.
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For whom
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A giffen good is one in which the _____ curve is _____ sloped.
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Demand; positively
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Normal profits in a perfectly competitive industry refer to ______ run profits.
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Zero long
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If the fed wants to increase the money supply, it will _____ treasury securities.
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Buy
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When opportunity cost is positive, economic profit ______ accounting profit.
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Is less than
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When a minimum wage is set above the equilibrium wage rate, _______.
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Create a surplus of labor.
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Planned economies rely heavily on ________ to make most economic decisions.
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The government
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If demand is inelastic, the tax burden falls primarily on the _____ and deadweight loss is _____.
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Buyer,small
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Mc is a _____-shaped curve due to the law of diminishing returns.
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U
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The colloid osmotic pressure in the capillary is caused by __________.
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Proteins in the blood
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