The twin responsibilities of the Federal Reserve are:
A. to maintain full employment and balance the federal budget.
B. to ensure price stability and maintain full employment.
C. to ensure price stability and regulate international trade.
D. to print money and ensure price stability.
B. to ensure price stability and maintain full employment.
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Entry of new firms into a perfectly competitive market raises the product's price
Indicate whether the statement is true or false
The ________ the sale of an additional unit of a product is a marginal benefit to the firm
A) revenue received from B) extra cost of C) total value of D) sales tax on
Consider two individuals, Wendy and Jenny, who discount delayed utilities with a weight of 1/4 and 7/8, respectively. Consuming one hamburger gives both Wendy and Jenny benefits worth 16 utils instantly and has delayed costs of 20 utils
a) If the nearby hamburger shop is closed for a week, comment on whether both individuals will consume hamburgers after a week. b) If a new shop is opened nearby, and hamburgers are available for consumption today, comment on whether both individuals will consume hamburgers.
If a firm in a perfectly competitive market is producing at a level of output where marginal costs are less than marginal revenue, its profit:
A. must be positive. B. are maximized. C. will increase if it produces less. D. will increase if it produces more.