The government is looking to double the living standards of its population in 18 years, what rate of GDP growth would it need to achieve that?
a. 1%
b. 2%
c. 3%
d. 4%
d
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A decrease in supply means that:
a. demand will increase by the same amount. b. the quantity demanded will increase. c. there is a movement down and to the left along the supply curve. d. the quantity supplied at every price will decrease. e. the supply curve will shift out and to the right.
Which of the following statements is true?
A. When marginal cost is below average cost, average cost rises; when marginal cost is above average cost, average cost falls. B. The marginal product is the output per unit of a variable input. C. Average variable cost and average fixed cost are U-shaped curves. D. When marginal productivity of a variable input is falling then marginal costs of production must be rising.
The pricing strategy in which one firm is allowed to establish the market price for all firms in the market is called
A. The profit-maximizing rule. B. Price leadership. C. Marginal cost pricing. D. Price discrimination.
Under rate-of-return regulation, natural monopolies must use
A) marginal cost pricing. B) average cost pricing. C) efficient pricing. D) monopoly pricing.