A required element for specialization to lead to an increase in the satisfaction of society's wants is:
A. A capitalist economy
B. Exchange and trade
C. The use of money
D. A central plan
Answer: B
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For a perfectly competitive firm at its long-run equilibrium
A) P = MR = MC = AC. B) P = MR > MC. C) accounting profit must be zero. D) there are no opportunity costs to be concerned with.
Which of the following is likely to happen if people suddenly become more willing to lend money? a. An increase in demand for loanable funds will increase the interest rate
b. An increase in the supply of loanable funds will increase the interest rate. c. An increase in the supply of loanable funds will decrease the interest rate. d. An increase in demand for loanable funds will decrease the interest rate. e. A simultaneous increase in both the supply of and demand for loanable funds makes it impossible to predict what will happen to the rate of interest.
Show graphically the effect of technological advance on the price of music downloads. In a separate graph show what happens to the price of CDs as a secondary effect of the new download technology
For a perfectly competitive firm,
A. price is always greater than marginal revenue. B. price is always less than marginal revenue. C. price is always equal to marginal revenue. D. price and marginal revenue are unrelated.