Sales maximization and profit maximization are essentially equivalent
a. True
b. False
Indicate whether the statement is true or false
False
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In a monopsony labor market, a minimum wage set equal to the competitive market equilibrium wage rate can ________ the wage rate and ________ employment
A) raise; increase B) raise; decrease C) lower; increase D) lower; decrease
A predominant view among Federal Reserve officials is that
A) the Phillips curve is unimportant. B) the Phillips curve helps us forecast inflation. C) the Phillips curve helps us forecast the nominal interest rate. D) the Phillips curve does not exist in the data.
The entry of new firms into a market stops when:
a. the accounting profit of existing firms falls to zero. b. the general price level in the economy rises. c. the rate of interest in the economy declines. d. the economic profit of existing firms falls to zero. e. the corporate taxes are relaxed.
Jones can brew 10 gallons of lager or 5 gallons of stout every three months, or any linear combination in between. Which statement below is true?
A) It costs Jones 5 gallons of stout for every 10 gallons of lager brewed. B) It costs Jones 1 gallon of stout for every 2 gallons of lager brewed. C) It costs Jones 1/2 gallon of stout for every 1 gallon of lager brewed. D) All of the above are true.