The column ‘Close' in the mutual fund table indicates the lowest asset value at which the fund was sold at the end of the last week
a. True
b. False
Indicate whether the statement is true or false
False
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A seller who succeeds in getting his various customers to pay different prices for the same good
A) is keeping his marginal revenue closer to his demand curve than it would otherwise be. B) is not using the marginal cost-marginal revenue formula to set prices. C) must be paying attention to overhead or sunk costs in setting prices. D) thereby misallocates resources because sales will be less than if a single price is charged.
The elasticity of supply does NOT depend on
A) resource substitution possibilities. B) the fraction of income spent on the product. C) the time elapsed since the price change. D) none of the above because all of the factors listed affect the elasticity of supply.
Which of the following is a practical question to implementing Keynesian economic policies to stimulate the economy?
a. Does the government know whether it is better to increase spending or increase taxes? b. Does the government know whether it is better to cut spending or cut taxes? c. Does the government know when there is cyclical unemployment? d. Does the government accurately know what the country’s potential GDP is?
Refer to the diagram for the corn market. Assuming no externalities, a price support of B causes:
A. economies of scale.
B. production to be less profitable to farmers.
C. an underallocation of resources to this product.
D. an overallocation of resources to this product.