The outcome of any free market is ultimately ________ because some people become very rich while others remain very poor.
A. equitable
B. market failure
C. efficient
D. inequitable
Answer: D
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Each point on the Phillips curve represents a combination of the:
a. consumption rate and the unemployment rate. b. savings rate and the inflation rate. c. interest rate and the savings rate. d. inflation rate and the unemployment rate.
According to theory, where is the right price determined?
A) where average cost equals marginal cost. B) where marginal revenue equals marginal cost. C) where total revenue equals total cost. D) where there is a markup of 300 percent.
The rule for profit maximization is the same for a monopolist as for a perfectly competitive firm
Indicate whether the statement is true or false
An ethanol processing plant operates relatively efficiently when operating at its designed "capacity". The firm is willing to pay more for delivery of corn to maintain this level of output. This indicates that the firm is likely to experience ______ (higher, lower, the same) average total costs operating at less than this level of output.
a. Higher b. Lower c. The same