Refer to Figure 26.4 for a monopolistically competitive firm. In the long run this firm will charge a price of ________ and produce an output of ________.
A. P1; Q2
B. P4; Q3
C. P2;Q1
D. P3; Q4
Answer: B
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The fact that rubies are more expensive than milk reflects the fact that for most consumers
A) the total utility from rubies exceeds that from milk. B) the marginal utility from rubies equals that from milk. C) more milk is consumed than rubies. D) a quart of rubies is considered to be prettier than a quart of milk.
______ disperse power across different levels of government.
A. Federal countries B. Bicameral countries C. Unicameral countries D. Higher law constitutions
If economic activity increases, it follows that economic welfare:
A. may increase, decrease, or remain unchanged depending on the nature of the increase in economic activity. B. increases as more goods and services become available. C. does not change since it does not depend on the level of economic activity. D. decreases as more resources are depleted.
In the term "real GDP," what does "GDP" stand for and what does it measure? What does "real" indicate?
What will be an ideal response?