On the graph above, suppose the economy is at point F when there is a permanent positive supply shock. The new long-run equilibrium is at point ________
A) F
B) H
C) I
D) G
E) none of the above
E
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If the marginal benefit of a hot dog is greater than its marginal cost, then to increase efficiency,
A) more hot dogs should be produced. B) fewer hot dogs should be produced. C) nothing should be done if the marginal benefit is greater than the marginal cost by the maximum amount because in this case the efficient quantity of hot dogs is being produced. D) production should be halted. E) More information is needed about the price of a hot dog in order to determine if production should be increased, decreased, or not changed.
Examples of incentive pay include
a. allowing employees a certain number of personal days b. providing onsite parking for employees c. bonuses for meeting deadlines d. offering a certain number of sick days
If a flat tax plan allowed individuals to deduct a standard allowance of $20,000 and the flat tax rate was 20 percent, an individual earning $100,000 would pay an average tax rate of 20%
a. True b. False Indicate whether the statement is true or false
Perfect competition and pure monopoly are concepts useful primarily for realistic application
a. True b. False Indicate whether the statement is true or false