For a typical natural monopoly, average total cost is
a. rising, often because marginal costs are very large.
b. rising, often because fixed costs are very large.
c. declining, often because marginal costs are very large.
d. declining, often because fixed costs are very large.
d
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Because of product differentiation in a monopolistically competitive market, the demand curve for an individual firm will be
A) horizontal. B) vertical. C) downward sloping. D) upward sloping.
A good is considered by economists to be inferior if
a. consumers buy less when price rises b. consumers buy less when income rises c. consumers buy less when price falls d. consumers buy more when income rises e. better quality goods exist
In the expectations-augmented Phillips curve, ? = ?e - 3(u - 0.06). When ? = 0.06 and ?e = 0.03, the unemployment rate is
A. 0.04. B. 0.05. C. 0.06. D. 0.07.
Labor productivity is
A) the quantity of capital one worker can produce in one day. B) the quantity of output produced in one hour by several workers. C) the quantity of output produced in one hour by one machine. D) the quantity of output produced by one worker or by one hour of work.