In a market with a fixed number of firms, as long as price is above average
a. variable cost, each firm's marginal-cost curve is its supply curve.
b. variable cost, each firm's average-total-cost curve is its supply curve.
c. total cost, each firm's marginal-cost curve is its supply curve.
d. total cost, each firm's average-total-cost curve is its supply curve.
a
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The consumer price index is used to monitor changes in an economy's production of goods and services over time
a. True b. False Indicate whether the statement is true or false
In an aggregate expenditures diagram, a lump-sum tax (T) will:
A. not affect the C + I g + X n line. B. shift the C + I g + X n line upward by an amount equal to T. C. shift the C + I g + X n line downward by an amount equal to T. D. shift the C + I g + X n line downward by an amount equal to T × MPC.
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
For the practice of price discrimination to be successful, the monopoly must
a. face an imperfect resale market for its product. b. face similar demand curves for various markets. c. have similar costs among markets. d. have a downward sloping marginal cost curve.