Which of the following is always TRUE for a perfectly competitive firm?
A) P = d = MR
B) P = d = AVC
C) MC = MR = AVC
D) AVC = ATC = P
Answer: A
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All but one of the following statements is used to justify protectionism. Which statement is not used to justify protectionism?
A) Free trade reduces employment by driving domestic firms out of business. B) Free trade leads to higher prices for imported goods. C) Trade restrictions are necessary to protect new firms until they can gain experience and become more productive. D) A country should not rely on other countries for goods that are critical to its national defense.
An outright purchase of government securities by the Fed
A) permanently increases bank reserves. B) temporarily increase bank reserves. C) permanently reduces bank reserves. D) temporarily reduces bank reserves.
In the above figure, what is the quantity of workers that would be hired by a monopsonist?
A) Q1 B) Q2 C) Q3 D) Q4
Double counting occurs when the price of both final and intermediate goods is included in the calculation of GDP
a. True b. False Indicate whether the statement is true or false