An important difference between a perfectly competitive firm and a monopolist is
A) the size of the industry.
B) the primary objective of the firms.
C) a monopolist only produces in the long run, while a perfect competitor only produces in the short run.
D) the price it charges to sell additional units of a good.
D
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When Gabriel made a rational choice to spend his entire allowance on candy bars, he did so by comparing the
A) benefits of the candy bars to the desires he had for the candy bars. B) marginal benefits of the candy bars to the marginal costs of the candy bars. C) opportunity costs of the candy bars to the scarcity of the candy bars. D) benefits of the candy bars to the scarcity candy bars. E) self-interest to the social interest.
Inflation is measured by examining the percent increase in the ________ from one year to the next.
A. CPI B. price of gas C. GDP growth D. nominal GDP
The kinked demand curve model is based on the assumption that rival firms will match a price cut but ignore a price increase
a. True b. False Indicate whether the statement is true or false
Expansionary fiscal policy in an open economy has a
a. greater effect than in a closed economy. b. similar effect in a closed economy. c. smaller effect than in a closed economy. d. greater effect than monetary policy.