The U.S. economy is not a perfectly competitive market. There are costs associated with negotiating contracts, enforcing agreements, taxes and less than perfectly competitive firms. Nevertheless, according to Wallis and North (1986), the U.S.
economy has grown in the presence of these transaction costs and these costs have risen sharply as a percentage of GDP between 1890 and 1970. Indicate whether the statement is true or false
Question 2
The Keynesian aggregate supply schedule slopes upward because of
a. unstable expectations.
b. inflexible wages and prices.
c. changes in technology.
d. differences between actual and expected price levels.
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Rapidly decreasing sequence costs have enabled the rapid expansion