A monopoly price reflects a good’s marginal utility.
Answer the following statement true (T) or false (F)
False
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The money multiplier determines how much
A) real GDP will be expanded given an increase in autonomous investment. B) the monetary base will be expanded given a change in the quantity of money. C) the quantity of money will be expanded given a change in the monetary base. D) money demand will expand given a change in the quantity of money.
Externalities are defined as
a. any transaction external to the firm b. costs or benefits that fall on third parties c. policies that firms undertake to sell products outside the country d. managers' dealings with stockholders outside the firm e. costs of maintaining plant and equipment to avoid the scrutiny of external auditors
Along its long-run total cost curve, a firm is producing
a. at the output level for each plant size that has the lowest cost b. at the minimum points of its various total cost curves c. each level of output using the input mix that has the lowest cost d. each level of output using the fewest possible inputs e. at the output level for each plant size that uses the fewest possible inputs
A decrease in supply will have what effect on equilibrium price and quantity?
a. Price will increase; quantity will decrease. b. Price will decrease; quantity will increase. c. Both price and quantity will increase. d. Both price and quantity will decrease.