What is the correct definition for mutual interdependence?
a. when a firm shapes its policy with an eye to the policies of competing firms
b. when an oligopolistic firm has control over an important input
c. when a small firm in an industry sells all it wants at the market price
d. when substantial numbers of firms are present in an industry
a. when a firm shapes its policy with an eye to the policies of competing firms
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Both a perfectly competitive firm and a monopolist find that:
A. price is less than marginal revenue. B. it is best to expand production until the benefit and the cost of the last unit produced are equal. C. they can sell as many units of output as they want at the market price. D. price and marginal revenue are the same.
GDP can increase from one year to the next by:
A) increases in prices while quantities of goods and services are constant. B) increases in the quantities of goods and services produced while prices remain constant. C) both prices and quantities of goods and services increase. D) all of the above.
The equity capital of a privately owned firm includes:
a. the owner's own dollars put into the firm. b. the cost of raw materials. c. the cost of labor resource used in production. d. economic rent only. e. the value added at each stage of production.
Figure 14-1
In , an unanticipated shift to a more expansionary monetary policy will shift
a.
AD to the right and temporarily increase real GDP.
b.
AD to the left and temporarily reduce real GDP.
c.
AD to the right and SRAS to the left and lead to higher prices (inflation).
d.
both AD and SRAS to the right and lead to an increase in real GDP.