Refer to the given data. Zabella has a balance of trade (goods):
A. deficit of $10 billion.
B. surplus of $5 billion.
C. surplus of $10 billion.
D. deficit of $5 billion.
C. surplus of $10 billion.
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A monopolistic competitor finds its profit-maximizing rate of output by
A) equating the marginal revenue from advertising with the marginal revenue from selling the good. B) setting average revenue equal to average total cost. C) equating marginal revenue and marginal cost. D) equating price and marginal revenue.
The classical economists' conclusion that nominal income is determined by movements in the money supply rested on their belief that ________ could be treated as ________ in the short run
A) velocity; constant B) velocity; variable C) money; constant D) money; variable
Suppose you need an estimate of future inflation (to decide, for example, whether a particular security is a good investment). How might you formulate a rational expectation?
What will be an ideal response?
The profit-maximization problem for a monopolist differs from that of a competitive firm in which of the following ways?
a. A competitive firm maximizes profit at the point where marginal revenue equals marginal cost; a monopolist maximizes profit at the point where marginal revenue exceeds marginal cost. b. A competitive firm maximizes profit at the point where average revenue equals marginal cost; a monopolist maximizes profit at the point where average revenue exceeds marginal cost. c. For a competitive firm, marginal revenue at the profit-maximizing level of output is equal to marginal revenue at all other levels of output; for a monopolist, marginal revenue at the profit-maximizing level of output is smaller than it is for larger levels of output. d. For a profit-maximizing competitive firm, thinking at the margin is much more important than it is for a profit-maximizing monopolist.