A windfall profit tax imposed on oil companies would shift the firms'
A) marginal tax rate.
B) marginal cost curve.
C) average cost curve.
D) production function.
C
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The benefit of holding money is ________, while the opportunity cost of holding money is ________.
A. its usefulness in carrying out transactions; the nominal interest rate B. increased income; lost purchasing power C. the nominal interest rate; the fees charged by banks D. the nominal interest rate; its usefulness in carrying out transactions
Which statement is true?
A. Product differentiation can take place even if there are no physical differences among products. B. Price discrimination is not possible in monopolistically competitive firms. C. Economies of scale ensure that monopolistically competitive firms make a profit in the long run. D. The absence of barriers to entry ensures short-run profits for monopolistic competitors.
Macroeconomic forecasts are
a. precise; this makes policy lags less relevant. b. precise; this makes policy lags more relevant. c. imprecise; this makes policy lags less relevant. d. imprecise; this makes policy lags more relevant.
The costs identified with opening trade are called:
a. short-run costs. b. adjustment costs. c. variable costs. d. overhead costs.