In the bond market, the seller is considered to be
A) the lender.
B) the borrower.
C) the lender or the borrower depending upon the use to which the funds are put.
D) the lender or the borrower depending upon whether interest rates are rising or falling.
B
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Positive economic profits in a perfectly competitive market imply that:
A) producers are earning more than their opportunity cost. B) existing firms are likely to leave the market. C) the cost of production is equalized across producers. D) government intervention is required to stabilize the market.
The effect on short-run equilibrium output of a one-unit increase in autonomous expenditure is called:
A. Okun's law. B. average labor productivity. C. the income-expenditure multiplier. D. the marginal propensity to consume.
A curve that shows the relationship between the price and quantity supplied during a particular period, all other things unchanged, is the:
A) price curve. B) supply curve. C) quantity function. D) production possibilities curve.
Refer to the above figure. What is the socially optimal point of production?
A. P3 and Q2. B. P1 and Q4. C. P4 and Q1. D. P1 and Q1.