Under conditions of perfect competition, marginal revenue
a. exceeds average revenue.
b. is less than average revenue.
c. always exceeds marginal cost.
d. equals average revenue.
d. equals average revenue.
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
According to data on Pennsylvania agriculture in the 18th century, the average size of a farm _________, while the number of cleared acres per farm ______________
a. increased; decreased b. decreased; increased c. decreased; remained fairly stable d. remained fairly stable; increased
The marginal social cost of air quality increases as air quality increases. If the dirtiest production process would create 700 tons of pollutants, then
a. eliminating the first 20 tons of pollution is cheaper than eliminating the last 20 tons b. eliminating the last 20 tons of pollution is cheaper than eliminating the first 20 tons c. more damage will be done by the first 20 tons of pollution than by the last 20 tons d. more damage will be done by the last 20 tons of pollution than by the first 20 tons e. the optimal level of air quality is to reduce pollution by 700 tons
A study of segregated streetcars in the southern United States in the early twentieth century found which of the following?
a. Firms that ran the streetcars were more interested in segregating customers by race than profits. b. The firms that ran the streetcars were unanimous in their support of laws that required segregation of races. c. Before the passage of laws that mandated segregation of races on streetcars, segregation of smokers and nonsmokers was more common than segregation of races. d. Segregation based on gender was more common than race at first.