The short-run supply curve of a perfect competitor is
A) its average variable cost curve.
B) its marginal revenue curve.
C) its entire marginal cost curve.
D) its marginal cost curve equal to or above the minimum point on its average variable cost curve.
Answer: D
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Economics is the study of
A) the role of money in markets. B) how government officials decide which goods and services are produced. C) how society uses limited resources. D) how to invest in the stock market.
The real internal rate of return on a college education is about
A) 0%. B) 2.5%. C) 6.9%. D) 15%.
A(n) _____ perceives the demand for its own output as horizontal at the market price, so it can produce as much or as little as it wants without affecting that price
a. oligopolist b. monopsonist c. monopolist d. perfect competitor
Assume that the Fed lowers the required reserve ratio. How will this affect the money supply?
a. It would decrease. b. It would increase. c. It would remain unchanged. d. It depends on the value of interest rates.