In which of the following industries is marginal cost pricing most likely?
A.) Laundry detergent.
B.) Toothpaste.
C.) Air travel.
D.) Corn.
D.) Corn.
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The ground rules, customs, and conventions that govern the behavior of market participants are known as ________
Fill in the blank(s) with correct word
The financial market events of September and October 2008 ________
A) sparked a sharp widening of the credit spread B) signalled the success of the policy response to the financial crisis C) reduced some of the uncertainty that had paralyzed financial markets D) resulted from the federal funds rate having fallen below zero
With respect to welfare economics, why is the equilibrium price of a product considered to be the best price?
a) It minimizes costs and maximizes profits of sellers. b) It minimizes the level of welfare payments to those who no longer live below the poverty line. c) It maximizes total revenue to firms and total utility to buyers. d) It maximizes the total welfare of buyers and sellers.