Microeconomics is concerned with the market price and equilibrium quantity of each good or service.
Answer the following statement true (T) or false (F)
True
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"Market power" refers to a firm's ability to:
A. influence the price its competitors charge. B. undercut its competitors' prices. C. raise its price without losing all of its sales. D. force consumers to buy high-priced products.
The flatter is the LM curve
A) the more effective is fiscal policy. B) the less effective is fiscal policy. C) the less is the interest sensitivity of saving. D) the less is the interest sensitivity of the money supply.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.
A profit-maximizing firm will hire additional units of labor until
A. the extra cost from hiring the last worker equals the cost of the product. B. the additional cost of hiring the last worker equals the additional revenue generated by that worker. C. the additional cost of hiring the last worker equals the marginal factor cost of the worker. D. the extra revenue from hiring the last worker equals the marginal physical product of labor.