The perfectly competitive seller's short-run supply curve is
A. its marginal revenue curve.
B. the part of its marginal cost curve above the average variable cost curve.
C. its entire marginal cost curve.
D. the part of its marginal cost curve above the average total cost curve.
Answer: B
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From the equation of exchange, if both real income (Y) and the quantity of money (M) double and the price level (P) remains constant, then velocity (V) ________ and nominal income ________
A) remains constant; doubles B) doubles; remains constant C) doubles; doubles D) decreases by 50 percent; quadruples E) none of the above
The monopolist's outcome happens at a:
A. cost that is equal to a perfectly competitive one. B. lower price than the perfectly competitive one. C. lower quantity than the perfectly competitive one. D. higher quantity than the perfectly competitive one.
Which of the following correctly defines the term "equilibrium"?
A) It refers to analysis that uses data to arrive at conclusions. B) It refers to a situation where all agents are simultaneously optimizing. C) It refers to an optimizing decision made by an individual economic agent. D) It refers to government intervention that efficiently allocates scarce resources.
Which of the following is considered a microeconomic topic?
A. The review of quarterly national income accounting data B. A firm’s decision to purchase pay-per-click online advertising C. The Federal Reserve decides to increase the discount rate D. The CPI reports a rise in inflation during July