Refer to Figure 16.3 below. When the MC z line crosses the D z line, profits for the firm are
A. 0.
B. greater than 1.
C. less than 0.
D. ?.
C. less than 0.
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Explicit functions of the Fed include all the following except:
A. conducting fiscal policy. B. conducting monetary policy. C. serving as a lender of last resort to financial institutions. D. providing banking services to the U.S. government.
A local transit authority charges $1 for a bus ride. An economics study suggests that in the price range from $0.50 to $1.50, the elasticity of demand for bus trips is 1.2. To increase its revenue, the transit authority should
A) leave the fare as it is. B) raise the fare. C) lower the fare. D) charge $1.20.
A market's structure is described by
A) the number of firms in the market. B) the ease with which firms can enter and exit the market. C) the ability of firms to differentiate their product. D) All of the above.
Which types of expenditures are autonomous?