The ________ supply curve(s) of a perfectly competitive firm is the portion of its marginal cost curve that lies above its average variable cost curve.
A. short-run
B. short-run and long-run
C. long-run
D. A perfectly competitive firm faces no supply curve.
Answer: A
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A statement that is often used to describe demand-pull inflation is ________.
A. "Too much money chasing too few goods." B. "A rising tide lifts all boats." C. "Money is easily earned, but not easily saved." D. "There is no such thing as a free lunch."
Because of the threat of arbitrage, the forward rate must equal the spot rate at all times
Indicate whether the statement is true or false
Which of the following is not consistent with a goal of reducing the power of firms in the market?
a. shortening patent life b. creative destruction theory c. countervailing power theory d. Schumpeter's economies of scale argument e. antitrust policy
According to the United Nations, approximately what percentage of the world's income is received by the richest one-fifth of the world's population?
A. 20 percent. B. 30 percent. C. 60 percent. D. 80 percent.