If producers must receive a higher price to be induced to produce any quantity, we can conclude that
A) supply decreased.
B) demand decreased.
C) both supply and demand increased.
D) demand increased.
A
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Which of the following is NOT a characteristic of firms in a monopolistically competitive market?
A) advertising B) differentiated products C) ease of entry and exit D) existence of significant economies of scale
According to the graph shown, if a firm is producing at Q3:
This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
A. profits are being maximized.
B. average total costs exceed the market price.
C. the firm should expand production.
D. marginal revenue is greater than marginal cost.
When the federal government discovers that its tax revenues have fallen short of its planned spending, interest-bearing IOUs are printed and sold on the market by
a. the Federal Reserve b. the FDIC c. the Treasury Department d. Congress e. Department of Commerce
In which of the following would the richest tenth of the population be most likely to receive the highest percentage of the country's income?
A. Namibia. B. The United States. C. Japan. D. The United Kingdom.