Refer to Figure 5-16. What is the optimal quantity of street lights to install?
A) 3
B) 4
C) 6
D) 9
C
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A market is classified as monopolistically competitive when
A) there is a barrier that blocks entry by other firms. B) a small number of firms compete. C) many firms produce the same product. D) many firms produce a slightly differentiated product. E) there is one firm that sells a good or service with no close substitutes.
The table shows data reported by Statistics Canada for 1999. In 1999, the unemployment rate was
A) 1.2 million. B) 5.0 percent. C) 7.6 percent. D) 7.9 percent. E) 6.1 percent.
Compared to checks, paper currency and coins have the major drawbacks that they
A) are easily stolen. B) are hard to counterfeit. C) are not the most liquid assets. D) must be backed by gold.
In long-run equilibrium, the perfectly competitive firm produces: a. where P = MC = AC
b. at the lowest point on its long-run average cost curve. c. where its long-run average cost curve is tangent to its horizontal demand curve. d. at a level of output such that all of the above are true.