The individual supply of a monopolist
a. coincides with the market demand curve.
b. is below the market supply curve.
c. is below the firm’s average revenue curve.
d. coincides with the market supply curve.
d. coincides with the market supply curve.
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From the mainstream perspective, instability in the economy is due to
A. volatility of the labor supply. B. excessive use of government policies and regulation. C. volatility of the money supply. D. volatility of aggregate demand.
If the exchange rate is equal to the ratio of the domestic and foreign price indexes,
A) absolute PPP holds. B) relative PPP holds. C) one currency is said to be overvalued. D) one currency is said to be undervalued.
The natural rate of unemployment
a. is an artificially low rate that cannot be maintained. b. is a constant rate that is unaffected by changes in public policy. c. is the rate of unemployment present when the economy is operating at full employment. d. is equal to the number of persons unemployed divided by the number in the labor force.
Refer to the above diagram. All data are for the short run. If product price is P2, the firm will:
A. produce Q5 units and break even. B. produce Q2 units and make an economic profit. C. close down to avoid a loss. D. produce Q2 units and suffer a loss.