Which characteristic does not help define a monopoly?
a. no close substitutes
b. price-making behavior
c. firm is the industry
d. mutual interdependence
e. firm's demand curve is market demand curve
D
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Which of the following factors will shift AS1 to AS3?
Refer to the graph above.
A. An increase in productivity
B. An increase in input prices
C. A decrease in business taxes
D. A decrease in household indebtedness
The simple multiplier 1/MPS:
A. Understates the actual multiplier because it includes leakages in domestic spending from the purchase of imports or the paying of taxes B. Understates the actual multiplier because it excludes leakages in domestic spending from the purchase of imports or the paying of taxes C. Overstates the actual multiplier because it includes leakages in domestic spending from the purchase of imports or the paying of taxes D. Overstates the actual multiplier because it excludes leakages in domestic spending from the purchase of imports or the paying of taxes
The marginal cost curve intersects the ________ curves at their ________ points
A) average total cost and average fixed cost; minimum B) average product and marginal product; maximum C) average variable cost and total variable cost; maximum D) average total cost and average variable cost; minimum E) average product and marginal product; minimum
If the price of milk was $2.50 a gallon and it is now $3.25 a gallon, what is the percentage change in price?
A) 13 percent B) 30 percent C) 75 percent D) 77 percent