Monopoly firms may lead to higher costs than perfectly competitive firms
a. True
b. False
Indicate whether the statement is true or false
True
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When (if at all) can the crowding-out effect be prevented?
A) when the Fed decreases the money supply to accommodate the expansionary fiscal policy B) when the real money supply is held constant C) when the real balance effect is working D) when the Fed allows the real money supply to increase sufficiently to keep the interest rate from rising
If the marginal revenue product of the last worker hired exceeds the marginal factor cost of the worker, the firm would be better served if it
A) hires additional workers. B) maintains its current level of workers already hired. C) lays off the last worker hired. D) None of the above is a good option for a profit-seeking firm.
Which of the following is not a function of money?
a. store of value b. medium of exchange c. standard of quality d. standard of deferred payment
Consumer sovereignty
A. is dependent on profits. B. is the idea that consumers determine what is produced in the economy through their demands. C. is the idea that consumers can buy whatever they want to. D. is only possible in a monarchy.