If this firm were a perfect competitor, at what output would it produce in the long run?
A. 50 units
B. 60 units
C. 70 units
D. 75 units
B. 60 units
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A consumer has maximized her total utility (as measured in money) when, at the quantity of each good chosen
A. marginal utility is negative. B. marginal utility divided by price is equal to 1. C. marginal utility is greater than price. D. marginal utility is equal to total utility.
Prior to 1970, mortgages were ________ resold in the secondary market
A) never B) often C) rarely D) always
A binding price ceiling is: a. set with the aim of increasing the consumer surplus. b. set at the equilibrium price level
c. set below the equilibrium price level. d. set above the equilibrium price level.
Japan appeared to have entered a liquidity trap at the turn of the century because
a) inflation made currency holdings virtually worthless b) the central bank pushed nominal interest rates so high than investment stagnated c) consumer spending rose dramatically, depleting savings d) deflation pushed real interest rates up to levels that the central bank could not correct e) long-term investments depleted the economy of cash