Macroeconomics focuses on:
A.) Government failure.
B.) The behavior of individuals, firms, and government agencies.
C.) Land, labor, and capital.
D.) The economy as a whole.
D.) The economy as a whole.
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The above figure depicts the Edgeworth box for two individuals, Al and Bruce. If the endowment is at point a, and Bruce has no ability to bargain, the final allocation will be at point
A) a. B) b. C) c. D) d.
What did Harvard economist Edward Chamberlain say about the observation that a monopolistically competitive firm's average cost of production exceeds its minimum average total cost?
A) Chamberlain argued that these higher costs represent the wastefulness of this market structure. B) Chamberlain argued that this belief is incorrect. In his view, monopolistically competitive firms do not produce at a cost above their minimum average total costs. C) According to Chamberlain, this cost difference represents the value consumers place on variety and having more choice. D) In Chamberlain's view, this is evidence that monopolistic competition uses society's resources inefficiently and in a fashion that merits government intervention.
If the average cost of a product is $10 per unit and the price is $5, the firm is losing money
a. True b. False Indicate whether the statement is true or false
In a barter economy, Say's law implies there
A) can be a general overproduction of goods. B) can be a general underproduction of goods. C) cannot be a general overproduction or underproduction of goods. D) can be a general overproduction of goods but never a general underproduction of goods.