Above the shutdown point, a competitive firm's supply curve coincides with its:
A. marginal revenue curve.
B. ?marginal cost curve.
C. ?average variable cost curve.
D. ?average total cost curve.
Answer: B
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Price leadership
a. is a form of explicit collusion b. works only when firms have dominant strategies c. is a form of tacit collusion d. reduces long-run economic profit for individual firms e. rarely is effective in setting prices in oligopolistic markets
If a nation has full employment, it is in the:
a. Keynesian range of the aggregate supply curve. b. Intermediate range of the aggregate supply curve. c. Twilight zone of the aggregate supply curve. d. Classical range of the aggregate supply curve. e. Gibson-Paradox range of the aggregate supply curve.
Firms that sell highly differentiated consumer goods, such as soft drinks, breakfast cereals, and dog food, typically spend what percent of their revenues on advertising?
a. 0-1 b. 2-4 c. 10-20 d. over 50
When the government increases taxes to provide traditional public goods, such as national security, there tends to be
a. widespread benefits and costs b. widespread costs and concentrated benefits c. concentrated benefits and costs d. widespread benefits and concentrated costs e. widespread costs and either widespread or concentrated benefits