When a monopoly does exist, it is usually ______.
a. absolute
b. limited
c. unrecognizable
d. unprofitable
b. limited
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Consider the relationship given by QCars = 100 + 4 × PCars - 2 × PSteel - 0.2 × PWorkers, where QCars is the quantity of cars supplied (in thousands), PCars is the price of cars (in thousands of dollars), PSteel is the price of steel, and PWorkers is the wage earned by autoworkers. If the price of steel is $10 per unit and the price of workers (the wage) is $20, how many cars will be supplied if the price of cars is $20,000?
A. 96,000 B. 156,000 C. 204,000 D. 960,000
Assume the short-run average total cost for a perfectly competitive industry decreases as the output of the industry expands. In the long run, the industry supply curve will:
a. have a positive slope. b. have a negative slope. c. be perfectly horizontal. d. be perfectly vertical.
An increase in the price of inputs used to produce good A will:
a. increase supply, increase price and increase the quantity exchanged. b. increase demand, increase price and increase the quantity exchanged. c. decrease supply, increase price and decrease the quantity exchanged. d. decrease supply, decrease price and decrease the quantity exchanged.
During the debate on the stimulus package in 2009 and 2010, Republicans argued in favor of increased government spending as opposed to tax cuts based in part on the impact government spending would have on aggregate supply
a. True b. False Indicate whether the statement is true or false