Which of the following classical views is (are) accepted by supply-side economists?
a. In the intermediate run, growth of capital, labor, and technology determine output.
b. The dislike of government intervention in the economy
c. changes in output are primarily driven by changes in the natural rate of output.
d. Both a and b.
e. all of the above.
E
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A monopolistically competitive firm faces a downward-sloping demand curve because
A) of product differentiation. B) its market decisions are affected by the decisions of its rivals. C) it is able to control price and quantity demanded. D) there are few substitutes for its product.
Total cost is equal to
a. TFC + TVC. b. TFC – TVC. c. TFC/TVC. d. TVC/TFC.
The competitive firm's profit-maximizing quantity of labor is the quantity where the:
A. quantity of the marginal product of labor is equal to the market wage. B. value of the marginal product of labor is equal to the market wage. C. quantity of the marginal product of labor is equal to zero. D. value of the marginal product of labor is equal to the profit.
A cartel can remain powerful even when all the members engage in secret price cuts.
a. true b. false