What causes the long-run aggregate supply curve to shift right?
A. scarcity
B. economic growth
C. inflation
D. unemployment
Answer: B
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The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). If the price were zero, consumer surplus equals
A) $301.00. B) $924.50. C) $1,225.50. D) $1,250.00.
Say a monopolist knew that at the current price for its product demand is inelastic. If marginal costs for this firm are zero, then in order to maximize profits this monopolist should
A. decrease its price. B. keep output at the same level. C. reduce output. D. increase output.
The accompanying figure shows the production possibilities curve for the island of Genovia:
The opportunity cost of producing one ton of agricultural products in Genovia is:
A. 1/50 of a car. B. 1/5 of a car. C. 1 car. D. 1,000 cars.
Exit of existing firms will occur in a monopolistic competitive industry until:
A. marginal cost equals zero. B. marginal revenue equals zero. C. marginal revenue equals marginal cost. D. economic profit equals zero.