What is a firm's short run supply curve?
What will be an ideal response?
A firm's short run supply curve is that portion of its marginal cost curve above minimum average variable cost.
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Under a k-percent rule, if the economy goes into expansion, the Fed would
A) increase the quantity of money. B) raise the federal funds rate. C) lower tax rates to keep revenue constant. D) lower the federal funds rate. E) None of the above answers is correct.
The principle of decreasing marginal benefit means that as the quantity of a good consumed
A) decreases, its marginal benefit decreases. B) increases, its marginal benefit decreases. C) increases, its total benefit decreases. D) None of the above answers is correct.
If Blake can pick more cherries in one hour than Cody, then Blake has a comparative advantage in cherry picking
Indicate whether the statement is true or false
A Nash equilibrium occurs when:
a. a unilateral move by a participant makes him better off. b. one can deviate from the equilibrium and improve the outcome. c. no one can move from the equilibrium and improve the outcome. d. participants have an incentive to deviate from the equilibrium. e. no one is better off.