The fact that the incremental annual increase in budgets varies considerably by department suggests that _____
a. popular programs get more funding that unpopular programs
b. incrementalism is not a complete theory of the government budget process
c. special interest influence is constant
d. a and b
c
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When the marginal benefit of an output exceeds the marginal cost
A. production of that output should be increased, in order to maximize economic surplus. B. increasing the production of that output would increase the missing surplus. C. reducing the production of that output would reduce the missing surplus. D. production of that output should be decreased, in order to maximize economic surplus.
If new firms enter a monopolistically competitive industry, the demand facing a typical firm increases
a. True b. False Indicate whether the statement is true or false
To determine the optimal method of production for a good or service, a perfectly competitive firm needs to know all of the following except
A. the prices charged by its rivals. B. the technologies of production that are available to the firm. C. the prices of inputs. D. the market price of output.
Skis and snowboards are close substitute goods. A ________ in the price of snowboards would tend to ________ the demand for ________
A) rise; increase; snowboards B) rise; decrease; snowboards C) rise; decrease; skis D) rise; increase; skis E) fall; increase; snowboards