When firms select the solution that is better for all parties, the ________ is satisfied
A) Nash equilibrium condition
B) Pareto Criterion
C) coordination game requirement
D) pure strategy requirement
B
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When a perfectly competitive firm produces the profit-maximizing output and it is at its shutdown point, the firm's ________
A) marginal revenue equals its average fixed cost B) total revenue equals its total variable cost C) marginal cost is less than its average variable cost D) total revenue is less than its total variable cost
The mercantilism policy failed to generate gains from trade for countries which adopted it because of: a. increases in consumer spending
b. high levels of federal debt. c. supply-side shocks from the oil-exporting countries. d. runaway inflation in the U.S. e. retaliations from other countries.
In the income-expenditure model, if autonomous investment decreases by $10 billion, _____
a. the aggregate expenditure line shifts upward by $10 billion b. planned saving increases by $10 billion c. the aggregate expenditure line shifts downward by $10 billion d. planned saving decreases by $10 billion e. the equilibrium level of real GDP demanded increases by $10 billion
If a product's price increases, quantity: a. supplied increases
b. supplied decreases. c. supplied does not change, but supply does increase. d. demanded increases.