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TEST BANK FOR Principles of Macroeconomics 8th Canadian Edition by Gregory Mankiw, Ronald Kneebone, Kenneth McKenzie LATEST VERSION ALL QUESTIONS AND CORRECT ANSWERS WITH RATIONALES | A+ GRADE| 100% VERIFIED| APPROVED ANSWERS| LATEST NOW| $15.49
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TEST BANK FOR Principles of Macroeconomics 8th Canadian Edition by Gregory Mankiw, Ronald Kneebone, Kenneth McKenzie LATEST VERSION ALL QUESTIONS AND CORRECT ANSWERS WITH RATIONALES | A+ GRADE| 100% VERIFIED| APPROVED ANSWERS| LATEST NOW|
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Principles of Macroeconomics
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Principles Of Macroeconomics
TEST BANK FOR Principles of Macroeconomics 8th Canadian Edition by Gregory Mankiw, Ronald Kneebone, Kenneth McKenzie LATEST VERSION ALL
QUESTIONS AND CORRECT ANSWERS
WITH RATIONALES | A+ GRADE| 100%
VERIFIED| APPROVED ANSWERS| LATEST NOW|
TEST BANK FOR Principles of Macroeconomics 8th Canad...
TEST BANK FOR Principles of
Macroeconomics 8th Canadian Edition
by Gregory Mankiw, Ronald Kneebone,
Kenneth McKenzie LATEST VERSION ALL
QUESTIONS AND CORRECT ANSWERS
WITH RATIONALES | A+ GRADE| 100%
VERIFIED| APPROVED ANSWERS|
LATEST NOW|
What is a competitive market? Briefly describe
a type of market that is not perfectly
competitive. - ANSWER-A competitive market is
one in which there are many buyers and many
sellers so that each has a negligible impact on
the market price. If a seller were to change
their price, their buyers are likely to switch
sellers. No single seller can impact the market
price in a competitive market. Monopolies and
,oligopolies can create imperfect competitive
markets. Along with this, imperfect competitive
markets can be caused by only having one seller
where this seller sets the price, such as a local
television station.
Does a change in consumers' tastes lead to a
movement along the demand curve or to a shift
in the demand curve? Does a change in price
lead to a movement along the demand curve or
to a shift in the demand curve? Explain your
answers. - ANSWER-A change consumers' taste
will only shift the demand curve, while a
change in the price of the good itself will
represent a movement along the demand
curve. A curve shifts when there is a change in a
relevant variable that is not measured on either
axis. Because price is on the vertical axis, a
change in price represents a movement along
the demand curve.
,Harry's income declines, and as a result, he
buys more pumpkin juice. Is pumpkin juice an
inferior or a normal good? What happens to
Harry's demand curve for pumpkin juice? -
ANSWER-In this case, pumpkin juice is an
inferior good. A rise in quantity demanded at
any given price will shift the demand curve to
the right.
What are the demand schedule and the
demand curve, and how are they related? Why
does the demand curve slope downward? -
ANSWER-A demand schedule is a table that
shows the relationship between the price of a
good and the quantity demanded, while a
demand curve is a graph of that same
information. Because a lower price increases
, the quantity demanded, the demand curve
slopes downward.
What are the supply schedule and the supply
curve, and how are they related? Why does the
supply curve slope upward? - ANSWER-The
supply schedule and supply curve are a table
and graph respectively that show the
relationship between the price of a good and
the quantity supplied. The supply curve slopes
upward because a higher price means a great
quantity supplied.
Describe the role of prices in market
economies. - ANSWER-Prices are great signals
that guide economic decisions and bring the
market into equilibrium. Prices can signal
surplus or shortage and guide economists.
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