A movement along the supply curve might be caused by a change in
a. technology
b. supplier's input prices.
c. expectations about future prices.
d. the price of the good or service that is being supplied.
d
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If a firm earns zero economic profit in the long run, then it
a. must be in a perfectly competitive market b. must be in a monopolistically competitive market c. cannot be in a monopolistically competitive market d. could be in any of the four major market structures e. is not in an oligopoly
Excess reserves are:
A. Bank reserves in excess of required reserves. B. Legal reserves in excess of lending reserves. C. Transactions deposits plus traveler's checks. D. Total reserves plus deficient reserves.
An increase in the price level and a reduction in output would result from
a. a fall in stock prices. b. a decrease in the supply of an important resource. c. an increase in government expenditures. d. an increase in taxes.
How do the deadweight losses of a tariff differ when the domestic industry is perfectly competitive from when it is a monopoly?
a. They are the same. b. Deadweight losses are larger for a perfectly competitive industry than for a monopoly. c. Deadweight losses are larger for a monopoly than for a perfectly competitive industry. d. It is not possible to compare deadweight losses of a monopoly with those of a perfectly competitive industry.