The ________ supply curve(s) of a perfectly competitive firm is the portion of its marginal cost curve that lies above its average variable cost curve.
A. short-run and long-run
B. short-run
C. long-run
D. A perfectly competitive firm faces no supply curve.
Answer: B
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Unanticipated inflation will hurt ________ and help ________
A) pensioners; borrowers B) borrowers; pensioners C) the government; tax payers D) homeowners; banks
An example of the command-and-control approach to environmental policy is:
a. placing a tax on freon to reduce its use and the corresponding CFC emissions (which contribute to the ozone hole). b. requiring car producers to install new air conditioners that do not use freon. c. allowing coal producers to buy and sell permits to allow CFC emissions. d. allowing individuals to sue freon producers if CFC emissions exceed a government-set standard.
Which of the following is an example of unconventional monetary policy?
A. The Federal Reserve selling T-bills B. The Federal Reserve decreasing the discount rate C. The Federal Reserve purchasing mortgage-backed securities D. None of the above is correct.
If marginal cost is above average total cost, average total cost will
A. decrease. B. remain constant. C. be minimized. D. increase.