This firm's its most efficient output level it would be
A. OJ.
B. OK.
C. OL.
D. OM.
A. OJ.
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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
Club Med, which operates a number of vacation resorts, offers vacation packages at a lower price in the winter (i.e., the "off season") than in the summer. This practice is an example of:
A) peak-load pricing. B) intertemporal price discrimination. C) two-part tariff. D) bundling. E) Both A and B are correct.
Assume that Ford Motor Company engineers achieve a revolutionary technological breakthrough in the production process of automobiles. Which of the following is expected to take place?
a. A movement up along the existing supply curve for Ford automobiles b. The supply of Ford automobiles will remain unchanged c. An inward shift of the supply curve for Ford automobiles d. A downward movement along an existing supply curve for Ford automobiles e. An outward shift of the supply curve for Ford automobiles
Politicians often argue for tariff increases in order to reduce the size of a balance of trade deficit. If tariffs are increased, the long-run effect is most likely to be: a. a decrease in both U.S. imports and exports
b. an increase in both U.S. imports and exports. c. an decrease in U.S. imports, and an increase in U.S. exports. d. an increase in U.S. imports, and a decrease in U.S. exports.