According to Peter Thiel's book Zero to One, firms are always working toward:
A. dynamic monopoly.
B. oligopoly.
C. perfect competition.
D. monopolistic competition.
Answer: A
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In the above figure, when the firm produces output corresponding to point c, the firm's marginal cost
A) is less than its marginal revenue. B) equals its marginal revenue. C) exceeds its marginal revenue. D) equals its average revenue.
The ________ the reserve ratio, the ________ the money multiplier
A) larger; larger B) smaller; smaller C) smaller; larger D) None of the above are correct.
The following would cause an upward shift in the C + I + G + X curve EXCEPT
A) an increase in disposable income. B) an increase in export spending. C) a decrease in import spending D) an increase in household wealth.
Under what condition are profits maximized?
A) at the rate of output at which marginal revenue equals marginal cost B) at the output rate where marginal cost is greater than marginal revenue C) at the point at which the difference between total revenues and total costs is negative D) at the point at which the difference between price and quantity demanded is greatest