You are a manager for a monopolistically competitive firm. From experience, the profit-maximizing level of output of your firm is 100 units. However, it is expected that prices of other close substitutes will fall in the near future. How should you adjust your level of production in response to this change?
A. Produce less than 100 units.
B. Produce more than 100 units.
C. Produce 100 units.
D. Insufficient information to decide.
Answer: A
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In 2013, per capita real GDP was roughly half its value in 1960
a. True b. False Indicate whether the statement is true or false
________: shift in the demand curve caused generally by changes in the prices of complements or substitutes, income, and tastes and preferences
Fill in the blank(s) with correct word
To get a profit-maximizing firm in a perfectly competitive labor market to hire another worker, the firm will need to
A. raise the wage rate paid to the last worker hired only. B. lower the wage rate paid to the last worker hired only. C. raise the wage rate paid to that last worker hired and also to all previous workers hired. D. lower the wage rate paid to that last worker hired and also to all previous workers hired.
Which of the following describes the extent of international trade in the U.S. economy?
A. About 20% of U.S. manufacturing jobs depend directly or indirectly on exports. B. Since? 1950, U.S. imports have increased from less than 5 percent of GDP to about 1010 percent in 2008. C. Since? 1950, U.S. exports have decreased from about 11 percent of GDP to about 4 percent in 2008. D. Each? year, the U.S. exports less than 10 percent of many agricultural crops such as wheat. E. Since? 1950, U.S. exports have decreaseddecreased and U.S. imports have increasedincreased.