Aggregate demand is the total demand for intermediate goods and services in an entire economy
Indicate whether the statement is true or false
FALSE
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If the marginal benefit from another computer exceeds the marginal cost of the computer, then to use resources allocatively efficiently
A) more resources should be used to produce computers. B) fewer resources should be used to produce computers. C) if the marginal benefit exceeds the marginal cost by as much as possible, the efficient amount of resources are being used to produce computers. D) None of the above is correct because marginal benefit and marginal cost have nothing to do with using resources allocatively efficiently.
A profit-maximizing monopolist facing the situation shown in the graph above should:
A. continue producing to make economic profits. B. shut down immediately. C. continue producing to minimize losses. D. continue producing as long as price is greater than marginal cost.
Most economists are concerned about entry barriers. Why is this so important to them?
What will be an ideal response?
Which of the following statements about a monopolist is TRUE?
A. All monopolies are unlawful in the United States. B. Monopolies tend to supply goods at lower prices than those charged by firms in perfect competition. C. Monopolies will always make a profit in the long run. D. Monopolies tend to misallocate resources.