Which of these partly accounts for the long-term growth in production in the U.S. economy?
a. An increase in government spending
b. An increase in the availability of resources
c. A reduction in federal taxes
d. A gradual but consistent increase in the price level
e. A general optimism about the future and the pioneering spirit of America
b
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A cartel is:
A. a duopoly with more than two firms. B. a firm that always has a dominant strategy. C. a number of firms who collude to make collective production decisions about quantities or prices. D. the "leader" of an industry, typically the firm with the largest market share.
If input prices fall, it will lower the cost of production, causing the supply curve to shift to the right
a. True b. False Indicate whether the statement is true or false
The short-run supply curve for the perfectly competitive firm is the portion of its
A) MC curve above the AVC curve. B) MC curve above the AFC curve. C) MC curve above the ATC curve. D) MC curve above the MR curve.
Which of the following is a topic studied in Macroeconomics?
A. aggregate behavior of households and industries B. the functioning of individual industries C. the behavior of individual households D. the decision-making behavior of individual business firms