A balanced budget is present when
a. the economy is at full employment.
b. the actual level of aggregate spending equals the planned level of spending.
c. public sector spending equals private sector spending.
d. government revenues equal government expenditures.
D
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Within a game theory model, if a change in decision-making raises corporation A's profits by $50 and lowers corporation B's profits by $60, the game is a
A) negative-sum game. B) zero-sum game. C) positive-sum game. D) cooperative game.
Vertical contracts between manufacturers and retailers often aim to
a. Serve as a "signal" of the manufacturer's belief of the likely success of his product b. Reward the retailer for undertaking the risk inherent in introducing a new product c. Reimburse the retailer for the cost of managing an extended inventory d. All of the above
A natural monopoly that is NOT regulated will choose to produce at the
A. point at which marginal revenue equals marginal cost. B. point at which marginal cost is above average total cost. C. point at which the demand curve intersects the long-run average cost curve. D. minimum point of the long-run average cost curve.
Any firm, competitive or not, desiring to maximize profits, will choose its quantity according to the rule, produce that quantity at which
a. marginal revenue = price. b. marginal revenue = marginal cost. c. average variable cost is at its minimum. d. marginal cost is at its minimum.