The monetary rule is the view of the
monetarists that the Fed should expand the money supply at a constant rate
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Agnes can produce either 1 unit of X or 1 unit of Y in an hour, while Brenda can produce either 2 units of X or 4 units of Y in an hour. The opportunity cost of producing a unit of Y is
A) 1 unit of X per unit of Y for Agnes and 2 units of X per unit of Y for Brenda. B) 1 unit of X per unit of Y for Agnes and 1/2 unit of X per unit of Y for Brenda. C) 1 hour for Agnes and 1/2 hour for Brenda. D) 1 hour for Agnes and 2 hours for Brenda.
In a monopoly market structure, the firm (the monopolist) always
A) is the whole industry. B) produces too much. C) sells faulty products. D) earns economic profit.
For a fixed proportion production function, at the vertex of any of the (L-shaped) isoquants the marginal productivity of either input is:
a. constant. b. zero. c. negative. d. a value that cannot be determined.
In the case of oligopolistic markets, self-interest makes cooperation difficult and it often leads to an undesirable outcome for the firms that are involved
a. True b. False Indicate whether the statement is true or false