A tariff is a
a. limit on how much of a good can be exported.
b. limit on how much of a good can be imported.
c. tax on an exported good.
d. tax on an imported good.
d
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Monopolists use the hurdle method of price discrimination in order to:
A. produce the socially optimal level of output. B. increase the demand for their good. C. lower their marginal cost. D. separate consumers on the basis of their reservation prices.
The opportunity cost of holding excess reserves is equal to
A) the federal funds rate. B) the federal funds rate minus the discount rate. C) the discount rate. D) none of the above.
If a perfectly competitive firm finds that price is less than its ATC, then the firm
A) will raise its price to increase its economic profit. B) will lower its price to increase its economic profit. C) is making an economic profit. D) is incurring an economic loss. E) is making zero economic profit.
From the data in the above table, when the economy is in short-run equilibrium, if aggregate demand does not change, then as time passes the
A) short-run aggregate supply curve shifts rightward. B) short-run aggregate supply curve shifts leftward. C) long-run aggregate supply curve shifts rightward. D) long-run aggregate supply curve shifts leftward.