If a cartel firm is producing a quantity at which the marginal revenue is equal to the marginal cost, the firm ________.
A) is producing less than the agreed upon quantity
B) is not producing the agreed upon quantity
C) has not acted in self-interest
D) has erected a barrier to entry
B) is not producing the agreed upon quantity
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A decrease in the government budget deficit decreases the ________ loanable funds and an increase in the government budget surplus increases the ________ loanable funds
A) demand for; demand for B) demand for; supply of C) supply of; demand for D) supply of; supply of
The elasticity of a demand curve at any point can be ascertained by its steepness
a. True b. False Indicate whether the statement is true or false
A technological advance that increases labor productivity will:
a. decrease the supply of labor as fewer workers are needed. b. increase the demand for labor as MP rises. c. decrease the demand for labor as fewer workers are needed. d. lower wages.
Which of the following is an an example of a sunk cost?
A. Jossie purchases a textbook online but returns it because it is the wrong edition. B. Maria goes to a lunch vending machine to get a quick snack. In her haste, she mistakenly pushes the wrong buttons and gets a wheatgrass sandwich instead of hot pocket she was craving. C. Kenny's new smartphone stops working, but it is still under warranty, so he is able to have it repaired at no cost. D. Antonio goes to the movies. After the opening credits, he realizes he is in the wrong theater. He informs the manager and is able to get a refund.