Changes in the producer price index are often thought to be useful in predicting changes in
a. stock prices.
b. the consumer price index.
c. the unemployment rate.
d. the rate of output of goods and services.
b
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Which of the following is not true for a firm in perfect competition?
A) Price equals average revenue. B) Average revenue is greater than marginal revenue. C) Marginal revenue equals the change in total revenue from selling one more unit. D) Profit equals total revenue minus total cost.
Frictional unemployment best defined as
A. Deviation of unemployment from its natural rate B. Unemployment of people who do not want to work. C. Chronic unemployment due to wages not balancing supply and demand D. Unemployment due to individuals search for new job.
Jamie's marginal utility from muffins and from doughnuts (in utils) is shown in the accompanying table. Jamie spends a total of $8 on muffins and/or doughnuts every morning. The price of each muffin is $2 and the price of each doughnut is $1.MuffinsPer DayMarginal UtilityPer MuffinDoughnutsPer DayMarginal UtilityPer Doughnut140220230415320510What is Jamie's optimal combination of muffins and doughnuts each day?
A. 1 muffin, 6 doughnuts B. 2 muffins, 4 doughnuts C. 4 muffins, zero doughnuts D. 3 muffins, 2 doughnuts
Actions like entering a new market, pricing a new product, or making a bid to buy another company are all useful Nash-like managerial decisions because they are
A. not repeated often and the outcome depends on the coordination of decisions with rivals. B. repeated often and the outcome depends on the simultaneous decisions of rivals. C. not repeated often and the outcome depends on the simultaneous decisions of rivals. D. repeated often and the outcome depends on the coordination of decisions with rivals.