An increase in the demand for loanable funds increases the equilibrium interest rate and decreases the equilibrium level of saving
a. True
b. False
Indicate whether the statement is true or false
False
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As the price elasticity of demand for a particular good decreases, the corresponding Lerner Index, and hence the amount of market power attributed to the firm that produces the product in question, decreases as well
Indicate whether the statement is true or false
Microeconomics is the branch of economics in which you study inflation and unemployment in the economy
a. True b. False Indicate whether the statement is true or false
Command economies are able to achieve greater allocative efficiency than market economies.
Answer the following statement true (T) or false (F)
A manager of a firm with market power faces the marginal revenue product and average revenue product curves shown below. The firm incurs weekly fixed costs of $1,800. The firm employs a single variable input, labor, which costs $600 per worker each week.
Given the above, in order to maximize profit, the manager should hire ________ workers per week.
A. 10 B. 12 C. 9 D. 18