Which of the following is true of a perfectly competitive market in the long run, given the unchanging costs of production?
a. The average total cost remains constant
b. The market price increases exponentially.
c. The marginal cost curve is perfectly elastic.
d. The supply curve is perfectly elastic.
d
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Which of the following is an advantage of clustering?
a. New entrants can charge higher prices for products as compared to existing firms b. New entrants can have lower cost of gathering regional information about trends in the market. c. New entrants can benefit from favorable terms of trade. d. New entrants can engage in non-price competition with other firms in the industry. e. New entrants can charge low prices for their products.
If the federal funds rate were below the level the Federal Reserve had targeted, the Fed could move the rate back towards its target by
a. buying bonds. This buying would increase the money supply. b. buying bonds. This buying would reduce the money supply. c. selling bonds. This selling would increase the money supply. d. selling bonds. This selling would reduce the money supply.
Which of the following refers to panel data?
A. Data on the unemployment rate in a country over a 5-year period B. Data on the birth rate, death rate and population growth rate in developing countries over a 10-year period. C. Data on the income of 5 members of a family on a particular year. D. Data on the price of a company's share during a year.
What must be giving up to obtain an item is called
a) out-of-pocket cost b) comparative worth c) opportunity cost d) absolute value