Each point on a ________ curve shows the willingness of consumers to purchase a product at different prices
A) demand
B) supply
C) production possibilities
D) marginal cost
Answer: A
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If real GDP is less than potential GDP, the economy is
A) not in macroeconomic equilibrium. B) at full employment. C) in an above-full-employment equilibrium. D) in a below-full-employment equilibrium.
Refer to Scenario 10.5. From the perspective of the firm, what is the marginal cost of the 5th garden hose?
A) 4 B) 5 C) 16 D) 12 E) 8
If a pollution tax imposed on a firm is smaller than the external cost:
A. the externality is completely internalized. B. the social production cost increases by the amount of the pollution tax. C. the pollution tax transfers the full cost borne by people outside the firm back to the firm itself. D. from society's viewpoint, the firm is producing too much.
A monopolist will earn economic profits when
A) AVC is a minimum. B) ATC equals MC. C) ATC lies above the demand curve. D) ATC lies below the demand curve.