In perfect competition, the marginal revenue curve
A) and the demand curve facing the firm are identical.
B) is always above the demand curve facing the firm.
C) is always below the demand curve facing the firm.
D) intersects the demand curve when marginal revenue is minimized.
A) and the demand curve facing the firm are identical.
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The situation when the price of most goods and services are falling over time is called:
A. disinflation. B. a boom. C. deflation. D. inflation.
If a customer deposits $300 cash in a checking account, the bank's:
a) liabilities increase by $300. b) assets decrease by $300. c) liabilities decrease by $300. d) liabilities stay the same.
If one nation is able to produce a good at a lower opportunity cost than another, it has
A) an absolute advantage in that good. B) a comparative advantage in that good. C) a productivity advantage in that good. D) a technological advantage in that good.
Which of the following statements is correct?I.If other factors are held constant, the level of employment in the economy determines real Gross Domestic Product (GDP).II.According to classical economists, only voluntary unemployment exists in the long run.
A. I only B. II only C. Both I and II D. Neither I nor II