When MFC > MRP, a firm in a competitive market will
A) stop hiring.
B) hire more workers.
C) earn additional profits.
D) layoff workers.
D
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How does real gross domestic product (GDP) differ from nominal GDP?
A) Nominal GDP can be used to directly compare the amount of output produced from year to year, while real GDP cannot be used for such comparison. B) Nominal GDP controls for price changes, while real GDP does not. C) Real GDP controls for price changes, while nominal GDP does not. D) There is no difference between nominal GDP and real GDP.
Microsoft's success over Apple although Apple had a technologically superior product is the result of:
a. increasing returns in a network-based business b. Microsoft's economies of scale over a wide range of output c. the revenue sources derived from Microsoft's intellectual property d. superior marketing and promotions e. all of the above
Supply-side economic policies are best viewed as
a. a short-run countercyclical tool. b. a long-run strategy to promote economic growth. c. a strategy for the control of long-run inflation. d. a stabilization tool to smooth the ups and downs of the business cycle.
___________ prices are set by large corporations for relatively long periods of time.
Fill in the blank(s) with the appropriate word(s).