The short-run supply curve for a perfectly competitive firm is that portion of the MC curve above the AVC curve
a. True
b. False
Indicate whether the statement is true or false
True
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Between 1960 and 2010, the annual growth rate in percent per year was the highest in
A) China. B) United States. C) Brazil. D) Singapore. E) South Korea.
Opportunistic behavior is best described as a firm
A) gathering as much information as possible before dealing with another entity. B) attempting to make a profit from its dealings with another entity. C) firm trying to take advantage of another entity in its dealings with it. D) selecting another entity to deal with.
A maximum legal price that may be charged for a particular good or service is known as a
A. black market. B. price ceiling. C. price floor. D. price support.