Perfect competition is socially efficient and monopoly is not because under perfect competition price is ________ while under monopoly price is ________.
A. equal to MR; less than MR
B. less than MR; equal to MR
C. equal to MC; less than MC
D. equal to MC; greater than MC
Answer: D
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If for any given inflation rate, the federal government lowered taxes, ________
A) it would have a similar qualitative result on output as an increase in government purchases B) it would raise disposable income leading to higher consumption spending C) the aggregate demand curve would shift to the right D) all of the above E) none of the above
Of the following goods, which is most likely to be quite inelastic?
a. gasoline b. Chevrolet automobiles c. fresh tomatoes d. provolone cheese
The law of ________ explains why a marginal revenue product schedule eventually declines.
A. diminishing marginal opportunity costs B. diminishing marginal returns C. increasing marginal returns D. increasing marginal opportunity costs
Provide an economic critique of the statement "U.S. corporate governance is overly focused on shareholders at the expense of employees and other corporate stakeholders."
What will be an ideal response?