Refer to the information provided in Table 2.1 below to answer the following question(s).
Table 2.1?KrystalMarkWriting Poems812Writing TV Commercials24Refer to Table 2.1. For Krystal, the opportunity cost of writing one TV commercial is
A. 1/4 of a poem.
B. 2 poems.
C. 4 poems.
D. 6 poems.
Answer: C
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A major loophole was punched through the McFadden Act as banks
A) formed bank holding companies. B) developed negotiable certificates of deposit. C) began paying interest on checkable deposits. D) converted themselves into savings-and-loans.
If an individual firm in a market is a price taker, then:
a. it faces a horizontal demand curve. b. it is operating in a monopolistically competitive market. c. it sells its product at the market price that is solely determined by the buyers. d. it faces a positively sloped marginal revenue curve. e. it faces significant barriers to exit from the market.
When a domestic monopolist in a small country becomes subject to international competition, it behaves as:
a. a monopolist. b. a duopolist. c. an imperfect competitor. d. a perfect competitor.
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.