In the long run, all of the following are true for a monopolist EXCEPT
A. MR = MC.
B. P = MC.
C. P > AVC.
D. P > ATC.
Answer: B
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An agreement among firms regarding price and/or production levels is called
a. an antitrust market. b. a free-trade arrangement. c. collusion. d. a Nash agreement.
Which of the following solutions would a Keynesian economist suggest to avoid turning the recession of the late 20s into the depression of the 30s?
A. balance the federal budget B. decrease the available of unemployment compensation C. decrease the interest rate D. decrease government spending
Suppose that a small business takes in monthly revenue of $100,000. Labor, rental, energy, and other purchased input costs are $70,000. The owner/entrepreneur could earn $5,000 per month in another job, and the owner/entrepreneur could get a return of $5,000 each month if she sold her business and invested the net proceeds in a financial asset, such as a treasury bond. Which of the following correctly describes her monthly economic profit?
A. $90,000. B. $80,000. C. $25,000. D. $20,000.
The ___________ is the period of time from the trough, through recovery, and all the way back to a peak.
A. expansion B. start C. trough D. peak